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Circle (CRCL) Q1 2026 Earnings Transcript
Circle (CRCL) 2026 年第一季度收益报告摘要

DATE  日期

Monday, May 11, 2026 at 8 a.m. ET
2026年5月11日星期一上午8点（美国东部时间）

CALL PARTICIPANTS  电话参与者

• Co-Founder, Chief Executive Officer, and Chairman — Jeremy Allaire
  联合创始人、首席执行官兼董事长——杰里米·阿莱尔
• Chief Financial Officer — Jeremy Fox-Geen
  首席财务官 — 杰里米·福克斯-吉恩
• Head of Strategic Finance — Scott Blair
  战略财务主管——斯科特·布莱尔
• President — Heath Tarbert
  总裁——希思·塔伯特

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TAKEAWAYS  要点

• USDC Circulation -- $77 billion, up 28% year over year and roughly flat sequentially despite a 45% decline in digital asset markets since October 2025.
  USDC 流通量 ——770 亿美元，同比增长 28%，环比基本持平，尽管自 2025 年 10 月以来数字资产市场下降了 45%。
• USDC Platform Holdings -- $13.7 billion held within Circle's infrastructure, a 3.5x increase year over year, representing 18% of total USDC circulation.
  USDC 平台持有量 ——Circle 的基础设施中持有 137 亿美元，同比增长 3.5 倍，占 USDC 总流通量的 18%。
• Onchain Transaction Volume -- $21.5 trillion, up 263% year over year, with third-party sources estimating up to nearly $30 trillion including Solana activity.
  链上交易量 ——21.5 万亿美元，同比增长 263%，第三方来源估计，包括 Solana 活动在内，交易量可能高达近 30 万亿美元。
• USDC Market Share -- Now accounts for 63% of all stablecoin transactions according to Visa, and approximately 80% of onchain dollar digital currency transactions per third-party data.
  USDC 市场份额 ——根据 Visa 的数据，目前占所有稳定币交易的 63%，根据第三方数据，约占链上美元数字货币交易的 80%。
• Total Revenue and Reserve Income -- $694 million, up 20% year over year, partially offset by a decline in the reserve return rate to 3.5%.
  总收入和储备金收入 ——6.94 亿美元，同比增长 20%，但部分被储备金回报率下降至 3.5%所抵消。
• Reserve Return Rate -- 3.5% for the quarter, a 66 basis point decrease year over year due to lower SOFR.
  本季度准备金回报率为 3.5%，同比下降 66 个基点，原因是 SOFR 利率下调。
• Other Revenue -- $42 million, doubling year over year, with subscription and services revenue of $34.9 million primarily from blockchain partnerships and transaction revenue of $6.7 million, which declined sequentially as last quarter included a $7 million benefit from the Canton coin launch.
  其他收入 ——4200 万美元，同比增长一倍，其中订阅和服务收入为 3490 万美元，主要来自区块链合作伙伴关系；交易收入为 670 万美元，环比下降，因为上一季度包含了 Canton 币发行带来的 700 万美元收益。
• Total Distribution, Transaction, and Other Costs -- $407 million, up 17% year over year.
  分销、交易和其他总成本 ——4.07 亿美元，同比增长 17%。
• Revenue Less Distribution Cost Margin -- 41.4%, an increase of 1.5 percentage points year over year and 1.3 percentage points quarter over quarter, driven by platform growth and higher other revenue, but partially offset by a greater Coinbase circulation share.
  收入减去分销成本利润率 ——41.4%，同比增长 1.5 个百分点，环比增长 1.3 个百分点，主要得益于平台增长和其他收入增加，但部分被 Coinbase 流通份额增加所抵消。
• Adjusted EBITDA -- $151 million, up 24% year over year, with an adjusted EBITDA margin of 53%.
  调整后 EBITDA 为 1.51 亿美元，同比增长 24%，调整后 EBITDA 利润率为 53%。
• Adjusted Operating Expenses -- $136 million, a 32% year-over-year increase due to ongoing product, distribution, and infrastructure investment.
  调整后的运营费用 ——1.36 亿美元，同比增长 32%，原因是持续的产品、分销和基础设施投资。
• EURC and USYC Growth -- EURC supply doubled year over year to EUR 358 million; USYC assets exceeded $3 billion, growing over 300% year over year, now positioned as the largest tokenized money market fund globally.
  EURC 和 USYC 的增长 ——EURC 供应量同比增长一倍，达到 3.58 亿欧元；USYC 资产超过 30 亿美元，同比增长超过 300%，目前已成为全球最大的代币化货币市场基金。
• Major Platform Launches -- Arc token presale raised $222 million at a $3 billion fully diluted network value, led by A16Z crypto and supported by financial and strategic partners including Apollo Funds, Arc Invest, BlackRock, and Standard Chartered Ventures.
  重大平台发布 ——Arc 代币预售筹集了 2.22 亿美元，完全稀释后的网络价值为 30 亿美元，由 A16Z 加密货币领投，并得到了包括 Apollo Funds、Arc Invest、BlackRock 和 Standard Chartered Ventures 在内的金融和战略合作伙伴的支持。
• Arc Network Progress -- Arc testnet executed at scale, with mainnet launch imminent and cross-chain transfer protocol volume reaching nearly $50 billion in the quarter.
  Arc 网络进展 ——Arc 测试网已大规模执行，主网即将启动，跨链转账协议交易量在本季度达到近 500 亿美元。
• Product Innovation -- Circle Agent stack, agent wallets, Agent Nano payments (enabling transactions as small as one-millionth of a penny), agent marketplace (launched with over 500 endpoints), and Circle platform CLI all introduced to support agentic and AI-driven financial activity.
  产品创新 ——Circle Agent 堆栈、代理钱包、Agent Nano 支付（支持小至百万分之一美分的交易）、代理市场（推出时拥有超过 500 个端点）和 Circle 平台 CLI 等产品均已推出，旨在支持代理和 AI 驱动的金融活动。
• CPN Payment Network Expansion -- Annualized total payment volume reached $8.3 billion on a trailing 30-day basis (up 17% quarter over quarter) and approached $10 billion as of May 7 (up nearly 75% since last reported), with 136 financial institutions now enrolled, representing 36% growth quarter over quarter.
  CPN 支付网络扩张 ——过去 30 天的年化总支付额达到 83 亿美元（环比增长 17%），截至 5 月 7 日接近 100 亿美元（自上次报告以来增长近 75%），目前已有 136 家金融机构加入，环比增长 36%。
• Strategic Integrations -- Meta initiated USDC creator payouts; partnerships with DoorDash, Polymarket, Arbor Bank, and Kyriba drove real-world B2B and treasury use cases.
  战略整合 ——Meta 发起了 USDC 创建者支付；与 DoorDash、Polymarket、Arbor Bank 和 Kyriba 的合作推动了现实世界的 B2B 和财务用例。
• Regulatory Developments -- Anticipation of clarity from the CLARITY Act and "Genius Act" to drive regulatory certainty and institutional engagement for stablecoins and digital asset use cases.
  监管发展 ——预期《CLARITY 法案》和《天才法案》将带来清晰的监管方向，从而推动稳定币和数字资产用例的监管确定性和机构参与。
• AI Transformation -- Internal adoption of AI tools expanded rapidly, with 85% of employees as weekly active users and over 600 AI-native apps deployed year-to-date.
  AI 转型 ——内部采用 AI 工具迅速扩展，85% 的员工成为每周活跃用户，今年迄今为止已部署 600 多个 AI 原生应用程序。

SUMMARY  概括

Circle Internet Group (CRCL6.21%) reported substantial scale and adoption in stablecoin infrastructure, highlighted by $21.5 trillion in onchain USDC transaction volume and $694 million in quarterly revenue and reserve income. Strategic momentum came from Arc network developments, including a $222 million Arc token presale, and the launch of agentic stack products to position Circle for AI-driven economic activity. USYC growth, major payments integrations, and broader enterprise adoption signaled expanding use cases beyond digital asset trading. Circle maintained year-to-date financial guidance but noted Arc-related revenue streams are not included and will be addressed in future quarters.
Circle Internet Group (CRCL6.21%) 报告称，其稳定币基础设施规模和应用范围显著扩大，其中 USDC 链上交易量达到 21.5 万亿美元，季度收入和储备金收入达 6.94 亿美元。战略动力主要来自 Arc 网络的发展，包括 2.22 亿美元的 Arc 代币预售，以及为 Circle 进军人工智能驱动的经济活动而推出的智能体堆栈产品。USYC 的增长、重要的支付集成以及更广泛的企业应用表明，其应用场景已扩展到数字资产交易之外。Circle 维持了年初至今的财务预期，但指出与 Arc 相关的收入尚未计入，将在未来几个季度进行分析。

• The company explicitly cited noncrypto utility as a core driver of ongoing USDC adoption amid volatile digital asset market conditions.
  该公司明确指出，在动荡的数字资产市场环境下，非加密货币实用性是推动 USDC 持续普及的核心因素。
• Circle clarified that Arc tokens will be carried at cost until delivered to presale participants, at which point value will be recognized as other revenue.
  Circle 澄清说，Arc 代币将按成本价持有，直到交付给预售参与者，届时其价值将作为其他收入确认。
• Management indicated that on-platform USDC growth was driven by deepening developer partnerships and new agentic infrastructure, not just wallet and custody adoption.
  管理层表示，平台上的 USDC 增长是由深化开发者合作关系和新的代理基础设施推动的，而不仅仅是钱包和托管服务的采用。
• The CLARITY Act is expected to facilitate broader stablecoin and tokenization use through legal certainty for financial institutions, treasury management integration, and market-based incentive structures.
  《CLARITY 法案》有望通过为金融机构提供法律确定性、整合资金管理以及建立基于市场的激励机制，促进更广泛地使用稳定币和代币化。
• Network participant dynamics, such as increased circulation at Coinbase and a modest pullback from incentivized channels, contributed to RLDC margin changes, but management remains noncommittal on labeling these as positive or negative.
  网络参与者的动态变化，例如 Coinbase 的流通量增加以及激励渠道的适度回落，都导致了 RLDC 保证金的变化，但管理层仍未明确表态这些变化是积极的还是消极的。
• Guidance reiterated that significant Arc-related financial impacts—including revenue and costs from incentive programs—will be quantified after mainnet and token delivery milestones.
  指南重申，与 Arc 相关的重大财务影响（包括激励计划的收入和成本）将在主网和代币交付里程碑之后进行量化。

INDUSTRY GLOSSARY  行业术语表

• USDC: USD Coin, a U.S. dollar–denominated stablecoin issued by Circle and backed by cash and cash-equivalent reserves.
  USDC ：美元币，是由 Circle 发行的以美元计价的稳定币，并由现金和现金等价物储备支持。
• Arc Network: Circle’s institutional-grade, stablecoin-native layer 1 blockchain infrastructure designed to support asset issuance, payments, and agentic commerce with built-in interoperability.
  Arc Network ：Circle 的机构级、稳定币原生 Layer 1 区块链基础设施，旨在支持资产发行、支付和代理商务，并具有内置的互操作性。
• Arc Token (ARC): The native digital asset for governance, security, staking, and incentives on the Arc network; 25% retained by Circle at launch, with 60% allocated for ecosystem grants and incentives.
  Arc Token (ARC) ：Arc 网络上用于治理、安全、质押和激励的原生数字资产；Circle 在发行时保留 25%，60% 分配给生态系统赠款和激励。
• USYC: Circle’s tokenized money market fund product, referenced as the largest of its kind globally and used as digital collateral in trading and capital markets.
  USYC ：Circle 的代币化货币市场基金产品，被誉为全球同类产品中规模最大的，并被用作交易和资本市场中的数字抵押品。
• CPN: Circle Payment Network, a stablecoin payments platform providing infrastructure and managed services for banks, financial institutions, and payment service providers.
  CPN ：Circle Payment Network，一个稳定币支付平台，为银行、金融机构和支付服务提供商提供基础设施和管理服务。
• CCTP: Cross-Chain Transfer Protocol, Circle’s interoperability infrastructure enabling secure stablecoin and asset movement across different blockchains.
  CCTP ：跨链传输协议，Circle 的互操作性基础设施，可实现不同区块链之间的安全稳定币和资产转移。
• X402: An open standard for agentic USDC payments, cited as the dominant protocol for AI agent payments within the Circle ecosystem.
  X402 ：一种用于代理 USDC 支付的开放标准，被认为是 Circle 生态系统中 AI 代理支付的主导协议。
• RLDC Margin: Revenue Less Distribution Cost margin, a profitability measure reflecting net revenues after direct channel costs.
  RLDC 利润率 ：收入减去分销成本利润率，是反映扣除直接渠道成本后的净收入的盈利能力指标。
• SOFR: Secured Overnight Financing Rate, referenced as the benchmark for reserve return rates affecting Circle’s yield on reserves.
  SOFR ：担保隔夜融资利率，是影响 Circle 储备金收益率的储备金收益率的基准。
• EURC: Euro Coin, Circle’s euro-denominated stablecoin product.
  EURC ：欧元币，Circle 的欧元计价稳定币产品。

Full Conference Call Transcript
完整电话会议记录

I'm Scott Blair, Circle's Head of Strategic Finance. I'm joined by Jeremy Allaire, our Co-Founder, Chief Executive Officer and Chairman; and Jeremy Fox-Geen, our Chief Financial Officer. Earlier this morning, we posted our earnings press release and earnings presentation on the Circle Investor Relations website, investor.circle.com. A transcript of this call will be posted on that website once available. I need to remind everyone that our earnings press release, presentation and this call contain statements that are forward-looking. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events.
我是 Circle 的战略财务主管 Scott Blair。与我一同出席的还有我们的联合创始人、首席执行官兼董事长 Jeremy Allaire，以及我们的首席财务官 Jeremy Fox-Geen。今天早些时候，我们已在 Circle 投资者关系网站 investor.circle.com 上发布了盈利新闻稿和盈利演示文稿。本次电话会议的文字记录将在发布后同步上传至该网站。我需要提醒大家，我们的盈利新闻稿、演示文稿以及本次电话会议均包含前瞻性陈述。由于前瞻性陈述本身存在风险和不确定性，其中一些风险和不确定性无法预测或量化，另一些风险和不确定性则超出我们的控制范围，因此，您不应将这些前瞻性陈述作为对未来事件的预测依据。

The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Additionally, nothing in this presentation constitutes as an offer to sell or a solicitation of an offer to buy securities or an [ invitation ] or inducement to engage in investment activity. We will also disclose non-GAAP financial measures on this call today.
我们前瞻性声明中所反映的事件和情况可能不会实现或发生，实际结果可能与前瞻性声明中预测的结果存在重大差异。有关可能导致这些结果出现差异的风险、不确定性和其他因素的信息已包含在我们提交给美国证券交易委员会（SEC）的文件中。此外，本演示文稿中的任何内容均不构成出售证券的要约或购买证券的要约邀请，也不构成参与投资活动的邀请或诱导。我们还将在今天的电话会议上披露非公认会计准则（非 GAAP）财务指标。

Definitions of those non-GAAP financial measures and reconciliations to the most comparable GAAP financial measures can be found in the earnings press release and earnings presentation, which are posted on Circle's Investor Relations website, investor.circle.com. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. With that, I'd like to turn the call over to Jeremy Allaire.
这些非 GAAP 财务指标的定义以及与最接近的 GAAP 财务指标的调节表，可在盈利新闻稿和盈利演示文稿中找到，这些文件已发布在 Circle 的投资者关系网站 investor.circle.com 上。非 GAAP 财务指标应作为 GAAP 指标的补充信息，而非替代指标。接下来，我将把电话会议交给 Jeremy Allaire。

Jeremy Allaire: Thank you, Scott, and good morning, everyone. I want to begin at a higher level and describe where I think we are and the guiding forces driving Circle's thinking and strategy. We believe we are going through the largest platform shift in the history of the Internet and it is accelerating. Specifically, this platform shift is the collision and compounding effect of new operating systems for intelligence and new operating systems for economic activity. These 2 major new technology infrastructures are converging into a new Internet stack that we believe will transform the global economic system over the coming decade.
杰里米·阿莱尔： 谢谢斯科特，大家早上好。我想先从更高的层面谈谈我们目前的处境，以及驱动 Circle 思考和战略的指导力量。我们相信，我们正经历着互联网历史上规模最大的平台变革，而且这一变革还在加速。具体来说，这种平台变革是用于智能的新操作系统和用于经济活动的新操作系统相互碰撞和叠加的结果。这两大新兴技术基础设施正在融合，形成一个新的互联网架构，我们相信，这将在未来十年内改变全球经济体系。

Last quarter, we talked about the rise of AI agents and the Agentic economy and the need for these AI agents to operate on economic infrastructure that enables trusted value exchange and economic coordination. We also talked about the next generation of blockchains forming into economic OSs where value, identity, policy and contracts can execute and move across these new onchain computer networks. We are rapidly moving into a world in which AI-powered software machines, coordinating on blockchain computers, deliver an increasing share of global economic activity. This is a profound shift and one that is highly aligned with Circle's fundamental vision, mission and strategy.
上个季度，我们探讨了人工智能代理和代理经济的兴起，以及这些人工智能代理需要在能够实现可信价值交换和经济协调的经济基础设施上运行的必要性。我们还讨论了下一代区块链如何演变为经济操作系统，价值、身份、政策和合约可以在这些新型链上计算机网络中执行和流动。我们正迅速迈入一个由人工智能驱动的软件机器在区块链计算机上进行协调的世界，这些机器将在全球经济活动中占据越来越重要的份额。这是一个意义深远的转变，与 Circle 的基本愿景、使命和战略高度契合。

We are building a leadership position in this new era from a position of considerable strength. Over the past several years, we have built out a broad-based Internet financial platform that compounds through several reinforcing flywheels. Each pillar of Circle's platform is self-reinforcing. Our digital assets flywheel, encompassing our stablecoin network and core digital assets drives increasing liquidity, utility and developer integrations, which in turn continues to grow the value of the network. The Arc network or what we call Arc is entirely built on network flywheels and grows as more apps are launched, more assets are issued and as liquidity and distribution flow through our interoperability infrastructure.
在这个新时代，我们凭借雄厚的实力，正努力构建行业领先地位。过去几年，我们构建了一个基础广泛的互联网金融平台，并通过多个相互促进的飞轮效应不断壮大。Circle 平台的每个支柱都具有自我强化的特性。我们的数字资产飞轮效应涵盖了稳定币网络和核心数字资产，推动了流动性、实用性和开发者集成度的不断提升，进而持续增长网络价值。Arc 网络（简称 Arc）完全建立在网络飞轮效应之上，随着更多应用程序的上线、更多资产的发行以及流动性和分配资金通过我们的互操作性基础设施的流动，Arc 也在不断发展壮大。

These flywheels accrue to Arc network stakeholders, but also reinforce and help grow Circle's other platform pillars. Both of these, in turn, grow the flywheels for our own apps, together, Circle's apps, including CPN and Circle Mint continue to drive more use cases, greater transaction volume, user growth and distribution. Our apps are anchored in Circle's digital asset network and are being built natively on Arc. These flywheels work together to create one of the most compelling Internet financial platforms in the world, and now we are layering across this entire platform, the deep product and technology capabilities to compound alongside AI and Agentic economic growth. Now turning to the quarter. I want to focus on a few key highlights.
这些飞轮效应不仅惠及 Arc 网络的所有利益相关者，也巩固并助力 Circle 平台其他支柱的发展。反过来，这两者又共同推动了我们自身应用程序的飞轮效应。Circle 的应用程序，包括 CPN 和 Circle Mint，持续推动更多用例、更大交易量、用户增长和分销。我们的应用程序依托于 Circle 的数字资产网络，并基于 Arc 原生构建。这些飞轮效应共同打造了全球最具吸引力的互联网金融平台之一。如今，我们正将强大的产品和技术能力融入整个平台，以期与人工智能和智能体经济增长相辅相成。接下来，我想重点介绍一下本季度的几个关键亮点。

First, we ended the quarter with $77 billion of USDC in circulation, representing 28% year-over-year growth. Alongside USDC supply growth, we also saw enormous growth in transaction activity with onchain transaction volume up 263% to $21.5 trillion. Total revenue and reserve income of $694 million, grew 20% year-over-year. Adjusted EBITDA grew to $151 million, 24% year-over-year growth and we continue to maintain a strong adjusted EBITDA margin of 53%. We've also had a number of major platform and product launches recently, including today's launch of our new Circle Agent stack, which I'll discuss in greater detail shortly.
首先，本季度末 USDC 流通量达到 770 亿美元，同比增长 28%。除了 USDC 供应量的增长，交易活动也呈现强劲增长，链上交易量飙升 263%，达到 21.5 万亿美元。总收入和储备金收入为 6.94 亿美元，同比增长 20%。调整后 EBITDA 增长至 1.51 亿美元，同比增长 24%，我们继续保持 53%的强劲调整后 EBITDA 利润率。此外，我们近期还推出了一系列重要的平台和产品，包括今天发布的全新 Circle Agent 堆栈，稍后我将详细介绍。

We launched CPN managed payments, which brings the power of CPN to banks, financial institutions and payment service providers in a turnkey fashion and we continue to see robust growth in CPN volumes and financial institution adoption while also seeing many more mainstream USDC launches and integrations. Finally, the Arc network is getting ready for lift off. We have had a highly successful test net. And today, we announced the presale of the Arc token, raising $222 million at a $3 billion fully diluted network value with lead investor A16Z crypto alongside a range of other outstanding strategic partners. Turning to our stablecoin network and digital assets growth and adoption.
我们推出了 CPN 管理支付，以一站式方式将 CPN 的强大功能带给银行、金融机构和支付服务提供商。CPN 的交易量和金融机构的采用率持续强劲增长，同时我们也看到更多主流 USDC 应用的推出和集成。此外，Arc 网络即将正式上线。我们的测试网测试非常成功。今天，我们宣布启动 Arc 代币预售，在领投方 A16Z Crypto 以及其他众多杰出战略合作伙伴的共同努力下，我们筹集了 2.22 亿美元，网络总价值达到 30 亿美元。接下来，我们将重点关注稳定币网络以及数字资产的增长和应用。

We continue to see very strong enterprise and use case expansion. Meta the world's most preeminent social platform began using USDC for creator payouts. This is significant because just last year, there was a view that big tech companies would introduce their own stablecoins. We've been very clear that the network effects, liquidity and global reach of our network, along with sound regulation make USDC the preferred option for major enterprises integrating this technology and that it makes little sense for these companies to go it alone. Meta is demonstrating exactly that. We're seeing this across the board. DoorDash paying out USDC, the drivers and other global enterprises embracing USDC in their payment flows.
我们持续看到企业和应用场景的强劲增长。全球领先的社交平台 Meta 已开始使用 USDC 向创作者支付报酬。这意义重大，因为就在去年，人们还普遍认为大型科技公司会推出自己的稳定币。我们一直明确指出，USDC 的网络效应、流动性和全球覆盖范围，以及完善的监管体系，使其成为大型企业集成这项技术的首选方案，这些公司单打独斗意义不大。Meta 的案例恰恰证明了这一点。我们看到这种趋势正在各个领域蔓延。DoorDash 开始使用 USDC 支付报酬，司机和其他全球企业也纷纷在其支付流程中采用 USDC。

Polymarket adopting USDC for funding and settlement on their leading prediction market. Innovative financial institutions like Arbor Bank using USDC to power 24/7 banking and expanded relationships with leading exchanges, including the top exchanges in Korea, a thriving market with significant growth opportunities for USDC. In capital markets, we're continuing to see strong expansion. Circle is participating in a DTCC test run of Tokenized Securities Trading and we're seeing emerging traction with USDC as collateral on regulated derivatives exchanges. In the traditional enterprise space, treasury management applications are really taking hold.
Polymarket 在其领先的预测市场中采用 USDC 进行资金结算。像 Arbor Bank 这样的创新型金融机构也使用 USDC 提供全天候银行服务，并拓展了与包括韩国顶级交易所在内的领先交易所的合作关系。韩国市场蓬勃发展，USDC 拥有巨大的增长潜力。在资本市场，我们持续看到强劲的增长势头。Circle 正在参与 DTCC 的代币化证券交易测试，我们看到 USDC 作为受监管衍生品交易所的抵押品正逐渐获得市场认可。在传统企业领域，资金管理应用正在迅速普及。

We recently announced a broad partnership with [ Tyriba ], one of the leading treasury management platforms, serving thousands of enterprises and many Fortune 100 companies to make USDC payment flows a seamless part of their solution, Ramp one of the fastest-growing fintechs in enterprise treasury and payments is adopting USDC for a wide range of international and domestic use cases and cross-border and treasury flows are increasingly moving to USDC across leading banks, fintechs and even the start-up ecosystem with wide combinator driving funding operations in UDC. The use cases are expanding, and this is driving further flywheels. While the stablecoin market itself was relatively flat in the quarter, it grew 32% year-over-year.
我们近期宣布与领先的资金管理平台 Tyriba 建立广泛的合作伙伴关系。Tyriba 为数千家企业和众多财富 100 强公司提供服务，旨在将 USDC 支付流程无缝集成到其解决方案中。Ramp 作为企业资金和支付领域增长最快的金融科技公司之一，正在广泛采用 USDC 处理各种国际和国内应用场景。跨境和资金流动正日益转向 USDC，各大银行、金融科技公司乃至初创企业生态系统都在积极推动 USDC 的融资运营。应用场景不断扩展，并进一步推动了 USDC 的发展。尽管本季度稳定币市场整体表现相对平稳，但同比增长了 32%。

More importantly, stablecoin transaction volumes continued to grow. According to Visa's reported figures on commercial transaction volume, USDC continued to gain market share and now accounts for 63% of all stablecoin transactions. Looking more broadly at onchain volume. USDC transaction volume grew over 260% year-over-year to $21.5 trillion in the quarter. Other third-party data sources, which include Solana transaction volume, put USDC's volumes at nearly $30 trillion in the quarter, with our market share at approximately 80% of all onchain transaction volume. I want to underscore an important point. USDC is the most widely transacted and used dollar digital currency in the world. No dollar digital currency is achieving anywhere near the volume of onchain transactions as USDC.
更重要的是，稳定币交易量持续增长。根据 Visa 公布的商业交易量数据，USDC 的市场份额持续扩大，目前已占所有稳定币交易量的 63%。从更广泛的链上交易量来看，USDC 的交易量在本季度同比增长超过 260%，达到 21.5 万亿美元。其他第三方数据来源，包括 Solana 的交易量数据，显示 USDC 在本季度的交易量接近 30 万亿美元，其市场份额约占所有链上交易量的 80%。我想强调一点：USDC 是全球交易量最大、使用最广泛的美元数字货币。没有任何其他美元数字货币的链上交易量能与 USDC 相提并论。

And as this market accelerates, we believe this leadership position and the network effects that flow from it will continue to compound to Circle. We also remain the most liquid and available digital dollar in the world, having minted and redeemed nearly $150 billion of USDC in Q1 alone, providing reliable and compliant digital dollar dial tone through our global liquidity network all around the world. Alongside USDC's growth, we are seeing strong growth from our other digital assets, EURC, which has long been the world's largest euro stable point, grew 2x year-over-year, ending the period at EUR 358 million. Our tokened money market fund, USYC, grew over 300% year-over-year.
随着市场加速发展，我们相信 Circle 的领先地位及其带来的网络效应将继续增强其价值。我们仍然是全球流动性最强、最易获取的数字美元，仅在第一季度就发行和赎回了近 1500 亿美元的 USDC，并通过我们的全球流动性网络为世界各地提供可靠且合规的数字美元交易服务。除了 USDC 的增长，我们的其他数字资产也实现了强劲增长。作为全球最大的欧元稳定点，EURC 同比增长两倍，期末达到 3.58 亿欧元。我们的代币化货币市场基金 USYC 同比增长超过 300%。

And as of May 7, stands at over $3 billion in assets. Circle's USYC is now the largest tokenized money market fund in the world and a key building block for collateral and digital asset trading markets. We are also expanding our digital assets portfolio. We recently announced the planned introduction of a new Bitcoin product from Circle, SERBTC which pending official launch would provide a compliant and secure wrapped version of Bitcoin that will be issued by Circle on both the Ethereum and Arc networks. We see a significant opportunity for programmable onchain primitives for Bitcoin from Circle. As I mentioned in my opening, Arc is getting ready for lift-off with the ArcMainNet launch coming soon.
截至 5 月 7 日，Circle 的资产规模已超过 30 亿美元。其 USYC 目前是全球最大的代币化货币市场基金，也是抵押品和数字资产交易市场的重要组成部分。我们还在不断拓展数字资产组合。近期，我们宣布计划推出 Circle 的全新比特币产品 SERBTC。该产品在正式发布前，将提供合规且安全的比特币封装版本，由 Circle 在以太坊和 Arc 网络上发行。我们认为 Circle 在比特币链上可编程原语方面拥有巨大的发展潜力。正如我在开篇提到的，Arc 主网即将上线，蓄势待发。

Arc has been designed with a broad group of incredible partners from across the financial system. We have built what we believe will be one of the most institutionally ready networks in the world, a network that will be operated by leading financial institutions with the trust required for global economic infrastructure. We are bringing powerful interoperability infrastructure to the network and we have optimized Arc for asset issuers, payment terms and capital markets applications. Arc comes with purpose-built features that simplify how stablecoins and tokenized assets bring the financial system and financial services onto these new operating systems.
Arc 由我们与金融体系中众多杰出的合作伙伴共同设计。我们致力于打造全球最具机构化潜力的网络之一，该网络将由领先的金融机构运营，并具备构建全球经济基础设施所需的信任度。我们为该网络引入了强大的互操作性基础设施，并针对资产发行方、支付条款和资本市场应用对 Arc 进行了优化。Arc 配备了诸多专用功能，可简化稳定币和代币化资产将金融系统和金融服务迁移到这些新型操作系统的过程。

And everything has been designed from day 1 with AI and Agentic flows in mind, from developer tooling to new services on Arc built entirely for AI agents. Arc is not just our core layer 1. At launch, Arc will support a suite of assets and protocols from Circle and third parties. We are bringing incremental services to make these accessible and ready and providing a comprehensive set of developer tools, and bundled applications from Circle to deliver meaningful value to Arc users on day 1. Our Testnet has performed very well. Users are transacting at scale.
从一开始，Arc 的所有设计都以 AI 和智能体流程为核心，从开发者工具到完全为 AI 智能体构建的全新服务，无不体现着这一点。Arc 不仅仅是我们的核心第一层。在发布之初，Arc 将支持来自 Circle 和第三方的一系列资产和协议。我们正在逐步引入这些服务，使其易于访问和使用，并提供一套全面的开发者工具以及来自 Circle 的捆绑应用程序，以便在 Arc 上线之初就为用户带来切实的价值。我们的测试网表现非常出色，用户交易量已达到相当规模。

Arc has a vibrant and growing developer community building on the platform and I believe we and the entire ecosystem are prepared as we approach MainNet launch. I want to focus on one of the most significant components of our strategy with Arc and more broadly for Circle. We are becoming the leading interoperability platform in the entire blockchain ecosystem. As you can see [Audio Gap] we've continued to scale the cross-team transfer protocol, reaching almost $50 billion of volume in Q1, representing 3x strategic customer capability with Arc. We've announced that we're opening up CCTP to other asset issuers. We build the highways for USDC, and now we're opening them to other stablecoin and real-world asset issuers.
Arc 拥有一个充满活力且不断壮大的开发者社区，他们正基于该平台进行开发。我相信，随着主网上线的临近，我们以及整个生态系统都已做好了充分的准备。我想重点谈谈 Arc 以及 Circle 整体战略中最重要的组成部分之一：我们正在成为整个区块链生态系统中领先的互操作性平台。正如您所看到的 [Audio Gap]，我们持续扩展跨团队转账协议 (CCTP)，第一季度交易量接近 500 亿美元，这代表 Arc 的战略客户容量增长了三倍。我们已经宣布将 CCTP 开放给其他资产发行方。我们为 USDC 构建了高速公路，现在我们将这些高速公路开放给其他稳定币和现实世界资产发行方。

Anyone doing tokenization can get the same interoperability, safe transport and distribution that we've already built around the world across all these blockchain networks. We're also turning on seamless bridges for end users and enabling flows of leading assets from other chains with a new canonical bridge from Circle. This infrastructure with safety, trust and monetization options available to both Circle and third parties that use them is a pillar capability of Arc and Circle's platform more broadly. And this is coming at a very important time as recent hacks put into question the safety and reliability of some of our competitor networks.
任何进行代币化的用户都可以获得我们已在全球所有区块链网络中构建的互操作性、安全传输和分发能力。我们还将为终端用户启用无缝桥接，并通过 Circle 的全新标准桥接，实现来自其他链的主流资产流动。这一基础设施为 Circle 及其第三方用户提供安全、信任和多种货币化选项，是 Arc 和 Circle 平台的核心功能之一。鉴于近期发生的黑客攻击事件使我们一些竞争对手网络的安全性和可靠性受到质疑，此时推出这项功能尤为重要。

And our focus on foundational security was further reinforced with our post-quantum readiness road map announcement, including that transaction messages on Arc will be post quantum secure on day 1. On our path to building Arc, we are excited to announce today that Circle has undertaken a presale of the Arc token. Alongside the presale, we have released the Arc token white paper available today on the Arc website. The Arc token will help to bootstrap and scale the network by aligning participants, including Circle with the long-term success of the network and enabling governance, staking in security and other protocol functions across the network.
我们对基础安全性的重视在后量子时代就绪路线图的发布中得到了进一步强化，其中包括 Arc 上的交易消息将在上线第一天就具备后量子时代安全性。在构建 Arc 的道路上，我们很高兴地宣布，Circle 已启动 Arc 代币的预售。与此同时，我们还发布了 Arc 代币白皮书，该白皮书今天可在 Arc 网站上查阅。Arc 代币将通过让包括 Circle 在内的参与者与网络的长期成功保持一致，并支持网络治理、安全质押和其他协议功能，从而帮助启动和扩展网络。

This is about building a new economic OS with broad-based stakeholders across the global financial and developer ecosystem. That means that every app builder, every end user and every institution building and operating on the network can become a stakeholder and ultimately participate in governance. Our Arc token presale was led by A16Z crypto and includes some of the world's largest asset managers, including Apollo Funds, Arc Invest, BlackRock, Janus Henderson Investors, exchange, fintech and capital markets firms such as Bullish, Intercontinental Exchange, Marshall Waste and SBI Group and leading global banks such as Standard Charted Ventures as well as venture firms, including general catalyst, Hahn Ventures and IDG Capital.
这旨在构建一个全新的经济操作系统，并吸引全球金融和开发者生态系统中广泛的利益相关者。这意味着，每个应用开发者、每个终端用户以及每个在网络上构建和运营的机构都可以成为利益相关者，并最终参与治理。我们的 Arc 代币预售由 A16Z 加密货币公司领投，参与者包括一些全球最大的资产管理公司，例如 Apollo Funds、Arc Invest、贝莱德、Janus Henderson Investors；交易所、金融科技和资本市场公司，例如 Bullish、洲际交易所、Marshall Waste 和 SBI 集团；以及领先的全球银行，例如渣打银行风险投资公司，还有风险投资公司，例如 General Catalyst、Hahn Ventures 和 IDG Capital。

As I noted at the outset, Arc is built as an economic OS that anticipates this convergence with AI operating systems, and we are accelerating our product investments in this space, both on top of Arc and by building on the wide range of applications and integrations that already exist for USDC. Today, we are rolling out key parts of the Circle Agent stack. This morning, we launched agent wallets, a new product that allows agents to permissionlessly build onchain wallets, conduct transactions, on-ramp USDC, and operate within predefined policies and safety guard rails. We also brought Agent Nano payments online, where USDC transactions as small as 1 million of a penny enable high-frequency machine-to-machine payments.
正如我一开始提到的，Arc 被构建为一个经济操作系统，旨在与人工智能操作系统融合。我们正在加速在该领域的产品投资，不仅基于 Arc，还利用 USDC 现有的各种应用和集成。今天，我们正式推出 Circle Agent 技术栈的关键部分。今天上午，我们发布了代理钱包，这是一款允许代理无需许可即可构建链上钱包、进行交易、接入 USDC 并遵循预定义策略和安全规范的新产品。此外，我们还推出了 Agent Nano 支付功能，该功能支持小至 100 万美分的 USDC 交易，从而实现高频机器间支付。

And all of these features are built supporting interoperability across agents and API services through the X402 standard, which Circle is helping to design. USDC already has an enormous lead in Angentic payments today, with 99.8% of all X402-Agentic payments being settled using USDC. We also launched the first version of our agent marketplace, an open hub for users and agents to discover, pay for and invoke agent services that transact in USDC programmatically with over 500 end points already available for agents.
所有这些功能都基于 X402 标准构建，旨在支持代理商和 API 服务之间的互操作性，而 Circle 正是该标准的设计者之一。目前，USDC 在代理支付领域已占据绝对领先地位，99.8% 的 X402 代理支付都使用 USDC 进行结算。此外，我们还推出了首个版本的代理商市场，这是一个开放的平台，用户和代理商可以通过该平台发现、支付和调用以 USDC 进行交易的代理服务，目前已有超过 500 个终端可供代理商使用。

Finally, we launched the Circle platform CLI, providing a command line interface to the full range of circles infrastructure and enabling both developers and AI agents to bootstrap, build, automate and integrate all of Circle's infrastructure into AI applications. Our adoption of AI is not just outward looking. We are undertaking a significant internal transformation and AI adoption inside Circle is accelerating. We are building an AI-driven company, aggressively rolling out AI infrastructure and building agentic workflows to drive productivity and acceleration across the business. With this, our product velocity is increasing dramatically. You may have noticed that we are shipping more technology at greater speed, enabled by AI-assisted development harnesses.
最后，我们推出了 Circle 平台 CLI，它提供了一个命令行界面，可以访问 Circle 的全套基础设施，使开发人员和 AI 代理能够引导、构建、自动化和集成 Circle 的所有基础设施到 AI 应用程序中。我们对 AI 的应用并非仅限于外部。我们正在进行重大的内部转型，Circle 内部 AI 的应用正在加速。我们正在打造一家 AI 驱动型公司，积极部署 AI 基础设施，并构建代理工作流，以提升整个业务的生产力和速度。因此，我们的产品迭代速度正在显著提高。您可能已经注意到，在 AI 辅助开发工具的帮助下，我们正在以更快的速度发布更多技术。

We are also reimagining every business function with AI agents proliferating across circle and beginning to manifest new ways of coordinating, executing and delivering our business. Notably, we have seen rapid uptake of AI coding tools, weekly active users of AI tools, building automations at Circle have rapidly grown to approximately 85% of employees. Our teams have already deployed over 600 AI native apps this year, as we have capitalized on major breakthroughs in agentic and AI development. As a regulated company, we approach this comprehensively, considering the impact on our talent security posture, financial controls and the governance required to ensure these deployments are conducted safely.
我们正在重塑各项业务职能，人工智能代理在 Circle 内部迅速普及，并开始展现出协调、执行和交付业务的新方式。值得注意的是，我们看到人工智能编码工具的普及率迅速提高，人工智能工具的周活跃用户数量以及 Circle 内部自动化构建工具的部署率已快速增长至约 85%。今年，我们的团队已部署了超过 600 个原生人工智能应用程序，这得益于我们在代理和人工智能开发领域取得的重大突破。作为一家受监管的公司，我们采取全面策略，充分考虑其对人才安全、财务控制以及确保这些部署安全进行所需的治理等方面的影响。

We will continue to discuss our AI transformation as it is one of the most exciting things happening as we become an Agentic AI-driven company. We are also continuing to see strong progress with our expanded payments products with multiple major new product launches since introducing CPN. The product line is now becoming robust and competitive and CPN has been growing. We ended the quarter with $8.3 billion of annualized total payment volume on a trailing 30-day basis, up 17% quarter-over-quarter. And as of May 7, we are approaching $10 billion of annualized TPV, up nearly 75% since we last reported. We've now enrolled over 136 financial institutions into using CPN products, up 36% quarter-over-quarter.
我们将继续探讨人工智能转型，因为这是我们迈向智能人工智能驱动型公司过程中最令人振奋的进展之一。自推出 CPN 以来，我们不断拓展支付产品线，并发布了多款重要新产品，取得了显著进展。目前，我们的产品线日趋完善，竞争力显著，CPN 业务也持续增长。本季度末，我们过去 30 天的年度化总支付额达到 83 亿美元，环比增长 17%。截至 5 月 7 日，我们的年度化总支付额已接近 100 亿美元，较上次报告增长近 75%。目前，已有超过 136 家金融机构加入 CPN 产品使用行列，环比增长 36%。

Alongside this growth, we recently introduced CPN managed payments. To put managed payments in context, many banks, financial institutions and payments firms are challenged to get up and running on stablecoin payment networks such as CPN. The biggest hurdles have been licensing, USDC liquidity, account infrastructure for stablecoin custody and blockchain compliance operations, most of which they have not yet built out on their own. With managed payments, we offload that complexity on to Circle where we operate these capabilities as a managed service. We can bring a bank into CPN on an accelerated basis, delivering all of the benefits of Circle's global infrastructure, our compliance, liquidity, network effects and interoperability, while compressing time to market.
随着业务增长，我们近期推出了 CPN 管理支付服务。为了更好地理解管理支付服务，我们不妨了解一下，许多银行、金融机构和支付公司在 CPN 等稳定币支付网络上的部署和运营都面临着挑战。最大的障碍在于许可审批、USDC 流动性、稳定币托管账户基础设施以及区块链合规运营，而这些方面他们大多尚未自行构建。通过管理支付服务，我们将这些复杂性转移到 Circle，由我们以托管服务的形式运营这些功能。我们可以帮助银行快速接入 CPN，充分利用 Circle 的全球基础设施、合规性、流动性、网络效应和互操作性等优势，同时缩短产品上市时间。

We see this as a significant opportunity to bring banks, payment firms and financial institutions onto CPN at scale. I will conclude with where I started. Today, Circle is an early-stage company and at the beginning of executing against our long-term strategy. We have built fantastic platforms and businesses and we are fortunate to work with an extraordinary number of leading institutions. Each quarter, we see more of the greatest companies in the world to leading technology companies, financial companies, enterprises and others adopting our technology to make the financial system work better.
我们认为这是一个绝佳的机会，能够大规模地将银行、支付公司和金融机构引入 CPN 平台。最后，我想回顾一下我的出发点。如今，Circle 仍是一家初创公司，正处于长期战略实施的初期阶段。我们已经构建了卓越的平台和业务，并有幸与众多领先的机构合作。每个季度，我们都能看到越来越多的全球顶尖公司，包括领先的科技公司、金融公司、企业以及其他机构，采用我们的技术来改善金融体系的运作。

We are entering a fundamentally different era, an Internet financial system era in which economic operating systems and intelligence operating systems are colliding, software-powered money, a software-powered economic system. This convergence of AI and economic activity is happening at Internet scale and velocity. We see glimpses of this today the power of open programmable money on our stablecoin network, which is seeing significant growth in the velocity and quantum of transactions. And we are laying down the next major layers that are necessary for this new Internet paradigm to accelerate and take hold. It's an incredibly exciting time to be building here at Circle, and we are thrilled with the progress we have continued to make this past quarter.
我们正在步入一个截然不同的时代——互联网金融系统时代。在这个时代，经济操作系统和智能操作系统正在碰撞融合，软件驱动的货币和经济系统正在蓬勃发展。人工智能与经济活动的融合正以互联网的规模和速度发生。如今，我们已经看到了这种融合的曙光：在我们稳定币网络上，开放可编程货币的力量正在显著提升，交易速度和交易量都在大幅增长。我们正在构建下一个关键层面，以加速这一全新互联网范式的演进并最终落地生根。在 Circle，这是一个令人无比振奋的时代，我们对过去一个季度取得的进展感到非常满意。

With that, let me turn it over to Jeremy Fox-Geen, our CFO, to take you through the financial results.
接下来，我将把发言权交给我们的首席财务官杰里米·福克斯-格林，让他为大家介绍一下财务业绩。

Jeremy Fox-Geen: Thank you, Jeremy, and good morning, everyone. We delivered a strong first quarter with USDC becoming the most widely used digital asset on chain and accelerating product launches, adding breadth and depth to our platform. Our financial results reflect the continued adoption of USDC and our consistent and disciplined execution. I'll start by reviewing the quarter and then turn to guidance. USDC circulation ended the quarter at $77 billion, up 28% year-on-year, although roughly flat sequentially despite the roughly 45% decline in digital asset markets since their peak in October 2025. This reflects the underlying growth in noncrypto utility and use cases.
Jeremy Fox-Geen： 谢谢 Jeremy，大家早上好。我们第一季度业绩强劲，USDC 成为链上应用最广泛的数字资产，产品发布速度加快，拓展了平台的广度和深度。我们的财务业绩反映了 USDC 的持续普及以及我们始终如一、严谨的执行力。首先，我将回顾一下本季度业绩，然后再展望未来。USDC 流通量在本季度末达到 770 亿美元，同比增长 28%，尽管自 2025 年 10 月数字资产市场达到峰值以来已下跌约 45%，但环比基本持平。这反映了非加密货币实用性和应用场景的潜在增长。

USDC held within Circle's platform infrastructure grew 3.5x year-over-year to $13.7 billion in the first quarter, representing 18% of total circulation. The reserve return rate was 3.5% for the quarter, down 66 basis points year-on-year, reflecting the decline in [ SOFR ] during this period. Total revenue and reserve income was $694 million in the quarter, up 20% year-over-year as growth in circulation and other revenue was partially offset by that lower reserve rate during this period. Total distribution transaction and other costs increased 17% year-on-year to $407 million. Revenue less distribution cost margin was 41.4%, up 1.5 percentage points year-over-year, driven by growth in U.S. DC held on our platform and by the growth in other revenue.
第一季度，Circle 平台基础设施中持有的 USDC 同比增长 3.5 倍，达到 137 亿美元，占总流通量的 18%。该季度储备金返还率为 3.5%，同比下降 66 个基点，反映了同期 SOFR 的下降。该季度总收入和储备金收入为 6.94 亿美元，同比增长 20%，流通量和其他收入的增长部分被同期较低的储备金返还率所抵消。分销交易和其他总成本同比增长 17%，达到 4.07 亿美元。扣除分销成本后的收入利润率为 41.4%，同比增长 1.5 个百分点，这主要得益于平台上持有的美国 DC 的增长以及其他收入的增长。

Quarter-over-quarter margin increased 1.3 percentage points, driven by growth in other revenue, partially offset by a mix shift as coinbase represented a larger share of circulation during the quarter. Other revenue was $42 million, up 2x year-over-year. Subscription and services revenue was $34.9 million, primarily from blockchain network partnerships. Transaction revenue was $6.7 million, an expected decline from last quarter, where we had a $7 million benefit from the [ Canton ] coin launch. Despite that benefit in Q4, other revenue grew quarter-over-quarter. Total revenue and reserve income less distribution transaction and other costs grew 24% year-over-year to $287 million.
环比利润率增长 1.3 个百分点，主要得益于其他收入的增长，但部分被 Coinbase 在本季度流通份额增加导致的收入结构变化所抵消。其他收入为 4200 万美元，同比增长 2 倍。订阅和服务收入为 3490 万美元，主要来自区块链网络合作。交易收入为 670 万美元，较上季度有所下降，上季度我们受益于 Canton 代币的发行，获得了 700 万美元的收入。尽管第四季度受益于 Canton 代币的发行，其他收入仍实现了环比增长。总收入和储备金减去分销交易和其他成本后，同比增长 24%，达到 2.87 亿美元。

Adjusted operating expenses were $136 million, up 32% year-over-year as we continued to invest in our product, distribution and operating infrastructure to drive long-term growth. Adjusted EBITDA grew 24% year-over-year to $151 million, reflecting our continued disciplined execution as we invest in growth initiatives. Adjusted EBITDA margin for the quarter was 53%. Turning to guidance. We are leaving our full year 2026 guidance unchanged. However, this guidance does not include the future financial impacts of the Arc token presale, Arc incentive programs or any Arc-associated revenue streams. In the future, when Arc tokens are created and delivered, we will recognize the value as other revenue.
经调整后的运营支出为 1.36 亿美元，同比增长 32%，这主要得益于我们持续投资于产品、分销和运营基础设施，以推动长期增长。经调整后的 EBITDA 同比增长 24%至 1.51 亿美元，体现了我们在投资增长计划的同时，持续稳健地执行各项策略。本季度经调整后的 EBITDA 利润率为 53%。关于业绩展望，我们维持 2026 年全年业绩展望不变。然而，该展望并未包含 Arc 代币预售、Arc 激励计划或任何与 Arc 相关的收入流的未来财务影响。未来，当 Arc 代币被创建和交付时，我们将把其价值确认为其他收入。

There will also be impacts to other costs, RLDC and adjusted EBITDA, particularly as we enter into token incentive agreements and open up the surface area for other Arc-related revenues. We believe Arc has the potential to become an important long-term growth factor. While it's too early today to quantify the many impacts from Arc and the Arc token, we plan to provide an updated view of guidance on our next call. And with that, I'll turn it back to Scott to start the Q&A portion of the call.
其他成本、RLDC 和调整后 EBITDA 也将受到影响，尤其是在我们签订代币激励协议并开放其他与 Arc 相关的收入来源之后。我们相信 Arc 有潜力成为重要的长期增长动力。虽然现在量化 Arc 和 Arc 代币的诸多影响还为时尚早，但我们计划在下次电话会议上提供更新后的业绩指引。接下来，我将把时间交还给 Scott，让他开始问答环节。

Unknown Executive: Thanks, Jeremy. We're excited to kick off Q&A with a couple of questions that we collected from our retail analysts using the Say platform. Our first question comes from Brandon G who wants to know what is Circle doing right now to remain the key leader in the stablecoin market?
匿名高管： 谢谢，杰里米。我们很高兴能以几个通过 Say 平台收集到的零售分析师提出的问题开启问答环节。第一个问题来自 Brandon G，他想知道 Circle 目前采取了哪些措施来保持其在稳定币市场的领先地位？

Jeremy Allaire: Thank you. This is Jeremy Allaire. Happy to take the question. Just as we just shared, in Q1, according to third-party data, we saw USDC account for 80% of dollar digital currency transactions onchain. And that's up considerably year-on-year. And so we are -- we feel very good about the growth and the traction and the adoption that's happening there. We obviously are continually focused on this, and I'll highlight a few key things. The first is just making sure that our stablecoin network in USDC is widely available as possible around the world, expanding our global reach, expanding the access and liquidity to USDC in markets, including emerging markets all around the world. We have significant initiatives there.
杰里米·阿莱尔： 谢谢。我是杰里米·阿莱尔，很高兴回答这个问题。正如我们刚才分享的，根据第三方数据，第一季度 USDC 占链上美元数字货币交易的 80%，同比增长显著。因此，我们对 USDC 的增长、市场认可度和普及程度感到非常满意。我们显然会持续关注这一领域，我将重点介绍几个关键点。首先，我们要确保 USDC 稳定币网络在全球范围内尽可能广泛可用，扩大我们的全球覆盖范围，提升 USDC 在包括全球新兴市场在内的各个市场的准入和流动性。我们在这方面有很多重要的举措。

Obviously, expanding the partnerships and the use cases and the kinds of firms that are building on USDC. USDC is part of a stable core network that has network effects. And so when the world's largest social platform like Meta begins to use USDC, or major e-commerce companies like DoorDash begin to use it or treasury management systems that are making and receiving payments between enterprises begin using it. That multiplies the network effects of USDC and those growing use cases then spill into more companies that embrace those use cases. So those are major forces, again, helping support and drive that. And then there's new things that we're building.
显然，我们正在拓展合作伙伴关系、应用场景以及使用 USDC 的企业类型。USDC 是一个稳定的核心网络的一部分，具有网络效应。因此，当像 Meta 这样的全球最大社交平台开始使用 USDC，或者像 DoorDash 这样的大型电商公司开始使用 USDC，或者企业间进行收付款的资金管理系统开始使用 USDC 时，USDC 的网络效应就会成倍增长，这些不断增长的应用场景会吸引更多公司采用。这些都是推动 USDC 发展的重要力量。此外，我们还在开发新的功能。

So Arc itself, which we talked a bit about here on the earnings call is fundamentally a stablecoin-native layer 1 blockchain infrastructure. It is going to bring, we believe, a wide array of applications in payments, in capital markets and in agentic as well. And so that really leads to another key focus for us. Again, we talked about it with the Circle Agent stack launch today. We believe that the dominant form of transactions in the identic economy will be conducted on these new economic operating systems and networks and that well-regulated digital cash instruments like USDC will be the preferred form of payment.
我们在财报电话会议上简单提到了 Arc，它本质上是一个稳定币原生的 Layer 1 区块链基础设施。我们相信，它将在支付、资本市场以及代理领域带来广泛的应用。这也引出了我们的另一个重点。今天，我们发布了 Circle Agent 堆栈，再次强调了这一点。我们相信，在同质化经济中，主要的交易形式将通过这些新型经济操作系统和网络进行，而像 USDC 这样监管完善的数字现金工具将成为首选的支付方式。

And in fact, today on these AI agent protocols like X402, USDC represents 99.8% of all the transactions that are happening. And then finally, we're working to make sure that all around the world, governments have clear policies so that these digital dollars can work effectively everywhere. And so it's very holistic. It's go-to-market, it's product, it's innovation, it's policy, it's international, and those are some of the things that we're doing.
事实上，如今在像 X402 这样的 AI 代理协议上，USDC 占所有交易的 99.8%。最后，我们正在努力确保世界各国政府制定明确的政策，使这些数字美元能够在世界各地有效运作。因此，这是一个非常全面的过程，涵盖市场推广、产品开发、创新、政策制定和国际化等各个方面，而这些正是我们正在努力的方向。

Unknown Executive: Our second question comes from Tyrel and he's asking what percentage of USDC usage today is tied to real economic activity versus trading an arbitrage? And how is Circle actively shifting that mix towards durable nonspeculative demand?
匿名高管： 我们的第二个问题来自 Tyrel，他想知道目前 USDC 的使用量中，有多少比例与实际经济活动相关，又有多少比例用于套利交易？Circle 是如何积极地将这种比例转向持久的非投机性需求的？

Jeremy Allaire: I'll happily take that as well. So there's more and more great third-party data that looks at all of the different types of activity that are happening. And so we see it within our own activity and customer base, and we also look at that third-party data. So for example, in our call, we talked about Visa's new analytics that they've been reporting on for some time, which looks at commercial transactional activity and growth. And there, for example, in that analysis, we saw multi-hundred percent growth year-over-year. We saw that USDC is approximately 60% of the traffic in commercial, real commercial transactions that are happening.
杰里米·阿莱尔： 我也很乐意接受这个观点。现在有越来越多的第三方数据，可以分析各种类型的活动。我们不仅会查看自身的活动和客户群，还会参考这些第三方数据。例如，在之前的电话会议中，我们讨论了 Visa 推出的全新分析工具，该工具一直在监测商业交易活动和增长情况。例如，在分析中，我们看到了同比增长数百个百分点。我们发现，USDC 支付方式约占实际商业交易流量的 60%。

But then again, in our own data, what we see is the types of companies that are building on our infrastructure and that are proliferating around the world, many of these are financial institutions building products to deliver digital dollars to users around the world. CPN itself, for example, which since we last reported, we've seen the annualized total payment volume on a trailing 30-day basis. We've seen that grow 75% since our last reporting period. That's fundamentally all driven by B2B cross-border flows that are using stablecoin payment network infrastructure like CPN to accomplish this.
但另一方面，根据我们自身的数据，我们看到，利用我们基础设施并在全球范围内迅速发展的公司类型中，有很多是金融机构，它们正在开发产品，向全球用户提供数字美元。例如，CPN 本身，自我们上次报告以来，其过去 30 天的年度总支付额增长了 75%。这主要得益于 B2B 跨境资金流动，而这些资金流动正是利用像 CPN 这样的稳定​​币支付网络基础设施来实现的。

And then, of course, in the use cases that we're talking about here today, whether it be Meta or banks offering 24/7 rails with USDC, treasury management companies like Kyriba that work with many of the Fortune 100 and thousands of companies. All these are driving those new use cases. And obviously, centrally having something like GENIUS Act and the forthcoming Clarity Act, are crucial because this now becomes part of the legal global financial system. And so that gives corporations of all sorts and financial institutions of all sorts of confidence to build and use this technology.
当然，在我们今天讨论的这些应用场景中，无论是 Meta，还是提供全天候 USDC 交易服务的银行，亦或是像 Kyriba 这样与众多财富 100 强企业和数千家公司合作的资金管理公司，都在推动着这些新应用场景的出现。显然，像 GENIUS Act 和即将出台的 Clarity Act 这样的法案至关重要，因为它们使这项技术成为全球金融体系的一部分。这让各种类型的企业和金融机构更有信心去构建和使用这项技术。

Unknown Executive: Thanks, Jeremy. Before I turn it over to the operator, I want to thank Brandon Tyrel and everyone else who participated in providing questions on the same platform for our earnings Q&A. With that, operator, please begin the rest of the call.
一位不知名的高管： 谢谢，杰里米。在把电话交给接线员之前，我要感谢布兰登·泰瑞尔以及所有参与我们财报问答环节并在同一平台上提问的各位。那么，接线员，请开始接下来的通话。

Operator: [Operator Instructions] Your first question comes from the line of James Yaro from Goldman Sachs.
操作员： [操作员指示] 您的第一个问题来自高盛的 James Yaro 的一句话。

Unknown Analyst: [indiscernible] on behalf of James. My first question was around could you update us on the drivers of the robust RLDC margin in the quarter? And whether this level could be sustained potentially? And like as it was well above your RLDC target range.
匿名分析师： [听不清]，我代表 James 提问。我的第一个问题是，您能否介绍一下本季度 RLDC 利润率强劲增长的驱动因素？以及这种水平是否有可能持续？因为这个利润率远高于您的 RLDC 目标范围。

Jeremy Fox-Geen: Yes, thank you for the question. It's Jeremy Fox-Geen, I'll take this. We don't break down specifically, right, the drivers and the component pieces of RLDC margin other than the information we provide in our earnings materials, which shows the composition of that with net reserve margin and other income. And so you can see those pieces there. We had strong growth in other income, which provides a boost to the RLDC margin. Now speaking more broadly about sort of the net reserve margin piece. As we've said before, there are many puts and takes as to how this evolves over time.
杰里米·福克斯-格林： 是的，谢谢你的提问。我是杰里米·福克斯-格林，我来回答这个问题。除了我们在盈利报告中提供的信息外，我们不会具体分析 RLDC 利润率的驱动因素和构成部分，盈利报告中会列出净储备利润率和其他收入的构成。你可以在那里看到这些信息。其他收入的强劲增长提振了 RLDC 利润率。现在更广泛地谈谈净储备利润率。正如我们之前所说，随着时间的推移，净储备利润率的演变存在很多不确定性。

What we saw this quarter, and you see it in the materials was growth in on-platform at Coinbase, particularly in the last month of the quarter. And we also saw some modest pullback in certain other highly incentivized channels. And that gave us, we think, a very strong RLDC margin for the quarter.
本季度我们看到（资料中也有体现），Coinbase 平台内交易量增长显著，尤其是在季度末最后一个月。同时，我们也看到其他一些高激励渠道的交易量略有回落。我们认为，正是这些因素促成了本季度非常强劲的 RLDC 利润率。

Unknown Analyst: That was super helpful. Just one follow-up over here. I wanted to touch on Circle Agent stack and an update on stablecoin use cases for agentic commerce. How much adoption has there been so far? And what do you look to achieve over here?
匿名分析师： 这非常有帮助。我这里还有一个后续问题。我想谈谈 Circle Agent 技术栈，以及稳定币在代理商务中的应用案例的最新进展。目前为止，它的普及程度如何？你们希望实现什么目标？

Jeremy Allaire: Yes. I'll happily take that. The Circle Agent stack launch is a significant launch for us. It makes available all of the power of USDC of Circle's infrastructure to agents, whether they're agents that developers are building or just autonomous agents that already exist to be able to store value transact, do that safely. What we have seen are a couple of things. So first, obviously, there are agent payment protocols like X402, which are seeing very nice growth from a -- really from a very beginning. The explosion in agentic technology has really happened just in the past several months.
杰里米·阿莱尔： 是的，我很乐意接受这个评价。Circle Agent 堆栈的发布对我们来说意义重大。它将 Circle 基础设施中 USDC 的所有功能开放给代理商，无论这些代理商是开发者正在构建的，还是已经存在的自主代理商，它们都能安全地存储价值、进行交易。我们已经观察到两点。首先，很明显，像 X402 这样的代理商支付协议，从一开始就发展迅猛。代理技术的爆发式增长实际上就发生在过去几个月里。

But every single conversation we're in with enterprises, with financial institutions, with key partners, every single one of those is focused on their applied AI strategy and how they intend to apply Agentic. And so if you're a platform company like Circle and you are looking at where the world is going. It is very clear that AI-driven and agentic driven infrastructure and automation is going to be very central to that. And so we've made this a huge priority in terms of the product stack.
但我们与企业、金融机构和重要合作伙伴的每一次对话，都聚焦于他们的人工智能应用战略以及他们打算如何应用 Agentic。因此，如果你是一家像 Circle 这样的平台公司，并且关注世界的发展方向，那么很明显，人工智能和 Agent 驱动的基础设施和自动化将在其中扮演至关重要的角色。所以，我们在产品架构方面将此列为重中之重。

I would say, additionally, look, what's interesting is you do see in the transaction volume growth in stablecoins and notably USDC, which has seen, as noted according to third parties, as much as 80% of onchain transactions and digital dollars happening at USDC. There's sort of what happens with agents on the actual agent payment protocols like X402. And then there's agents that are just being deployed and executing in markets in other places. So we do actually believe that some meaningful portion of activity is AI-driven already, and we've seen that kind of sharply increasing in Q1 as these Agentic technologies have increased.
此外，值得注意的是，稳定币（尤其是 USDC）的交易量增长显著。据第三方数据显示，USDC 的链上交易和数字美元交易量占比高达 80%。一方面，像 X402 这样的代理支付协议本身就包含代理功能；另一方面，其他地区的市场也部署了代理功能并执行交易。因此，我们确实认为，相当一部分交易活动已经由人工智能驱动，而且随着这些代理技术的普及，我们在第一季度也看到了这种增长的显著趋势。

But this gets to the kind of core of kind of how I opened the call, which is our core thesis is that this kind of convergence of these AI operating platforms that are scaling and these economic operating platforms on these blockchain compute networks, these are converging and they're very synergistic and that the agentic economy, which we think is going to power more and more of labor, work, output and exchange is where the entire economic system is headed, and so we're positioning ourselves, obviously, with not just with USDC, but across Arc, the agent stack and other things that we're doing.
但这触及了我开场白的核心，也就是我们的核心论点：这些正在扩展的人工智能运营平台和这些基于区块链计算网络的经济运营平台正在融合，它们之间具有很强的协同效应，而我们认为，代理经济将​​为越来越多的劳动、工作、产出和交换提供动力，这正是整个经济体系的发展方向。因此，我们显然不仅通过 USDC，而且通过 Arc、代理堆栈以及我们正在做的其他事情来定位自己。

Operator: Your next question comes from the line of Kenneth Worthington from JPMorgan Securities.
接线员： 您的下一个问题来自摩根大通证券的 Kenneth Worthington。

Kenneth Worthington: In terms of regulation, how do we think about a world for USDC, where revenue for Circle continues to be earned on assets but rewards are paid to end customers more based on transactions. How and where does this impact Circle's promotion strategy for USDC, if at all? And does legislation to seek more transaction-based revenue streams?
肯尼斯·沃辛顿： 就监管而言，我们该如何看待 USDC 的未来发展？在这种情况下，Circle 的收入仍然来自资产，但最终用户的奖励更多地基于交易量。这会对 Circle 的 USDC 推广策略产生怎样的影响？如果有影响，又会如何影响？是否需要立法来寻求更多基于交易量的收入来源？
 

Jeremy Allaire: Great question, Ken. I'm going to take the first part of that, and then I'm going to have Heath Tarbert, Circle's President jump in on the second part of that. I think what's notable is -- and you've heard us talk about this in the past, which is we are very focused on driving the utility value of this new form of money. And as we emphasized on the call, we're seeing this continued diversification of the range and types of companies and use cases that are growing this and driving this.
杰里米·阿莱尔： 肯，问得好。我先回答第一部分，然后请 Circle 总裁希思·塔伯特来回答第二部分。我认为值得注意的是——你们之前也听我们说过——我们非常注重提升这种新型货币的实用价值。正如我们在电话会议上强调的，我们看到推动这种货币发展壮大的公司类型和应用场景正在不断多元化。

And what's notable about legislation in this space is that the legislation very specifically is saying, hey, look, if you're a distributor of Stablecoins and Circle under the legislation, which Heath will talk more about, Circle can continue to enter into great economic relationships with platforms, not just in the U.S. but all around the world. But those platforms are going to -- if they want to incentivize users with stablecoins, it has to be based on real-world utility.
值得注意的是，该领域的立法明确规定，如果你是稳定币和 Circle 的发行商（Heath 稍后会详细阐述），Circle 可以继续与平台建立良好的经济合作关系，不仅限于美国，而是遍及全球。但这些平台如果想要用稳定币激励用户，就必须基于稳定币的实际效用。

It has to be based on real transactions, real payments volume, real activities, and that's exactly the kind of incentivization that we want to see because it aligns stablecoin rewards with the growth of the utility of our network and because this is a network effect driven business, that alignment actually, we think, can provide a really, really powerful tailwind, we believe, to further adoption of USDC. But to comment specifically on what's happening with CLARITY Act, and what the currently published tax looks like, I'll have Heath Tarbert jump in as well to share his perspective.
它必须基于真实的交易、真实的支付量和真实的活动，而这正是我们希望看到的激励机制，因为它将稳定币奖励与我们网络效用的增长挂钩。由于这是一个网络效应驱动的业务，我们认为这种挂钩实际上可以为 USDC 的进一步普及提供非常强劲的推动力。但要具体评论 CLARITY 法案的进展以及目前公布的税收政策，我将请 Heath Tarbert 分享他的观点。

Unknown Executive: Thank you so much, Ken, for that great question. Maybe just take a step back on CLARITY more generally. I mean, CLARITY, we're not waiting for Congress to act to make history as a company. But obviously, if Congress does act, the legislation will be helpful to us for a variety of reasons. Number one, obviously, we announced today the token presale. We've been working on the blockchain. All of those things are addressed in the CLARITY Act. So it's incredibly helpful for us as a full stack Internet platform company for our businesses apart from stablecoins.
匿名高管： 肯，非常感谢你提出的这个问题。或许我们可以更全面地谈谈 CLARITY 法案。我的意思是，我们 CLARITY 公司并没有坐等国会通过法案来创造历史。但显然，如果国会真的通过了法案，它将在很多方面对我们有所帮助。首先，我们今天宣布了代币预售。我们一直在进行区块链方面的研究。所有这些都在 CLARITY 法案中有所涉及。因此，对于我们这样一家全栈互联网平台公司来说，除了稳定币之外，它对我们其他业务也大有裨益。

Secondly, which is really important, is it allows and provides the legal certainty for all sorts of traditional financial institutions and firms to start dealing in and using digital assets at scale. And so when you think about tokenization of securities, well, again, obviously, they're going to use potentially USDC, as the cash leg of all of those transactions. And then the part that you specifically mentioned, Ken, that's in Title IV of the Act. And Title IV of the Act is really important because it actually specifically addresses stable coin use cases by banks, by broker-dealers by custodians and gives them the permissibility that they need to be able to engage in these activities.
其次，也是非常重要的一点，它允许并为各种传统金融机构和公司大规模交易和使用数字资产提供法律确定性。因此，当我们考虑证券代币化时，显然，他们可能会使用 USDC 作为所有这些交易的现金部分。肯，你特别提到的那部分内容在法案的第四章中。法案的第四章非常重要，因为它明确规定了银行、经纪交易商和托管机构使用稳定币的案例，并赋予他们开展这些活动所需的许可。

And of course, the very last provision there, which I think you're going to see is Section 404 is the so-called compromise. But as Jeremy said, we don't view it as a compromise at all. It's actually the right answer. And for Circle, we believe it's far superior to the status quo. We obviously built USYC, which is the world's largest tokenized money market fund for passive yield on digital assets. But USDC is different, right? Its value is in its velocity and its utility, not in its idleness. So as Jeremy mentioned, we're actually laser-focused on incentivizing its use because that flywheel is going to drive growth. But quite frankly, no deposit substitute model can even match.
当然，最后一条条款，也就是大家即将看到的第 404 条款，就是所谓的妥协方案。但正如杰里米所说，我们根本不认为这是妥协。它实际上才是正确的解决方案。对于 Circle 而言，我们相信它远胜于现状。我们打造了 USYC，它是全球最大的数字资产被动收益代币化货币市场基金。但 USDC 不同，对吧？它的价值在于其流通速度和实用性，而非闲置状态。正如杰里米提到的，我们正全力以赴地激励 USDC 的使用，因为这种飞轮效应将推动增长。坦白说，没有任何存款替代模式能够与之匹敌。

And so the current version, I'm not sure if it's public yet, but I think when it gets out there, we're likely to see Congress specifically referring to stablecoin use cases for rewards that are things like payments, conversions, remittances, market-making activity, posting of collateral and then things that are native to web 3, like staking and validation. So if you think about that, those are the very things that Circle wants to incentivize and it may very well be that Congress is going to help us do exactly that.
所以，目前的版本，我不确定是否已经公开，但我认为一旦发布，国会很可能会特别提及稳定币的奖励用例，例如支付、兑换、汇款、做市活动、抵押品，以及 Web 3 原生功能，例如质押和验证。仔细想想，这些正是 Circle 想要激励的，而国会很可能会帮助我们实现这一点。

Kenneth Worthington: Great. Just a simple follow-up. How do we think about G&A from here was $57 million. Is that sort of a good jumping off point as we think about the rest of the year.
肯尼斯·沃辛顿： 好的。还有一个简单的后续问题。我们该如何看待目前的管理费用（G&A）5700 万美元？这是否可以作为我们展望今年剩余时间的一个良好起点？

Jeremy Fox-Geen: Yes. As we think about the rest of the year, I'd just refer you to the overall OpEx guidance that we've given, right, that has all the pieces within it. We continue to invest at this incredible opportunity, right, in growing our distribution, our product set, our capabilities. But as I say, you can see our guidance there.
杰里米·福克斯-格林： 是的。展望今年剩余时间，我建议您参考我们之前发布的整体运营支出指导，其中包含了所有相关内容。我们将继续投资于这一绝佳机遇，拓展我们的分销渠道、产品组合和能力。正如我所说，您可以查看我们的指导意见。

Operator: Your next question comes from the line of Pete Christiansen from Citi.
接线员： 您的下一个问题来自花旗银行的 Pete Christiansen。

Peter Christiansen: Impressive pace of execution here. Jeremy Allaire, the Arc White Paper frames Arc is native coordination and security asset for the network. But I guess, over time, I think, how should investors think about the balance between value of activity accruing to Arc itself versus Circle. And I guess, how do you avoid any economic tension between the two?
Peter Christiansen： 执行速度令人印象深刻。Jeremy Allaire，《Arc 白皮书》将 Arc 描述为网络的原生协调和安全资产。但我想，随着时间的推移，投资者应该如何看待 Arc 自身活动价值与 Circle 价值之间的平衡？以及如何避免两者之间产生任何经济冲突？

Jeremy Allaire: Yes. Thanks, Pete. Happy to talk about that. So I think the first is just understanding these new blockchain network computers, these new types of economic operating systems, draw on kind of stakeholder engagement models that we've seen in the blockchain space with other blockchain network tokens. They kind of build on kind of stakeholder engagement models of kind of financial network consortiums because Arc is obviously a permissioned infrastructure of financial infrastructure companies and open source more generally. And so I think the key is Arc and Arc token are designed specifically to really drive value for all of the stakeholders across the Arc ecosystem.
杰里米·阿莱尔： 是的，谢谢皮特。很高兴能和你聊聊这个。我认为首先要理解的是，这些新型区块链网络计算机，这些新型经济操作系统，借鉴了我​​们在区块链领域其他区块链网络代币中看到的利益相关者参与模式。它们某种程度上建立在金融网络联盟的利益相关者参与模式之上，因为 Arc 显然是一个由金融基础设施公司和更广泛的开源公司组成的许可型基础设施。所以我认为关键在于，Arc 和 Arc 代币的设计初衷就是为了真正为 Arc 生态系统中的所有利益相关者创造价值。

And as I mentioned in my opening comments, yes, Circle is the kind of genesis of this. We've built this technology. We are ushering it into the world. And as noted in the Arc token white paper, Circle retains 25% of the Arc tokens, and that's significant. And that is the sort of huge amount of value that Circle has created and is bringing into this. But in order for a distributed network like this to thrive and in order for it to become a global scale OS that the economy is running on, we need major companies. We need major stakeholders.
正如我在开场白中提到的，Circle 的确是这一切的起源。我们构建了这项技术，并正将其推向世界。正如 Arc 代币白皮书中所述，Circle 持有 25% 的 Arc 代币，这意义重大。Circle 已经创造并正在为之带来巨大的价值。但是，为了让这样的分布式网络蓬勃发展，并使其成为支撑全球经济运行的操作系统，我们需要大型企业，我们需要重要的利益相关者。

We need the developers that are building the applications on top of this, the end users that are driving the volumes of activity on this. All of the stakeholders in that there's an opportunity to not just have them incentivize economically but fundamentally to get the utility out of this digital token. And again, CLARITY Act really is -- I'll reference that again here because it codifies a framework for companies to be able to use digital tokens to build incentive systems and incentive alignment for product services, applications and other things. So it is designed to do that. And it is ultimately something where as an open network, we need participation in governance as well.
我们需要开发者，他们在此基础上构建应用程序；我们需要最终用户，他们推动了平台上的大量活动。所有利益相关者都有机会参与其中，不仅在经济上，而且在根本上，都能从这种数字代币中获得实用价值。再次强调，《CLARITY 法案》确实如此——我在这里再次提及它，因为它为公司使用数字代币构建激励机制和激励机制，以促进产品、服务、应用程序和其他方面的发展，制定了相应的框架。它的设计目的就是为了实现这一点。最终，作为一个开放的网络，我们也需要各方参与治理。

And so Arc token provides that mechanism for governance. And so you can really think about Circle as a founding creator and stakeholder, and we will get as Jeremy alluded to in his comments about guidance, we do expect to see significant impacts for us on revenue and our margin structure and EBITDA, and we'll talk more about that on our next earnings call. But I think -- so there is a very direct benefit here for Circle. We think this is a hugely valuable platform for Circle. And then secondly, the whole purpose of this is to create an infrastructure where stablecoin native finance, not just payments but capital markets and all other financial applications depend on stablecoins.
因此，Arc 代币提供了这种治理机制。所以，你可以把 Circle 看作是创始创建者和利益相关者。正如 Jeremy 在关于业绩指引的评论中所提到的，我们预计这将对我们的收入、利润率结构和 EBITDA 产生重大影响，我们将在下次财报电话会议上详细讨论这一点。但我认为——这对 Circle 来说是一个非常直接的好处。我们认为这对 Circle 来说是一个极具价值的平台。其次，此举的最终目的是创建一个基础设施，使稳定币原生金融（不仅是支付，还包括资本市场和所有其他金融应用）都依赖于稳定币。

And so the successful adoption of Arc network, including through the benefit of the Arc token has a huge flywheel effect onto our stablecoin network and our digital assets and into CPN and other parts of the Circle business where we derive significant revenue and have emerging revenue streams as well.
因此，Arc 网络的成功采用，包括通过 Arc 代币带来的益处，对我们的稳定币网络、数字资产、CPN 以及 Circle 业务的其他部分产生了巨大的飞轮效应，我们从中获得了大量的收入，并且还有新兴的收入来源。

Jeremy Fox-Geen: And I'll just add one thing on to that, which, as Jeremy said at the end, this is all additive for Circle. You talked about a tension. We don't see it as a tension. We see this as an incredible value growth opportunity, right? Arc is a flywheel business, which powers our USDC digital and other digital assets business, which themself power CPN and Circle's shareholders retain value in that, not only through the growth in those businesses, but also through Circle's participation in Arc token.
Jeremy Fox-Geen： 我还要补充一点，正如 Jeremy 最后所说，这一切对 Circle 来说都是增值。你刚才提到了一种紧张关系。我们并不认为这是一种紧张关系。我们认为这是一个绝佳的价值增长机会，对吧？Arc 是一个飞轮式业务，它为我们的 USDC 数字资产和其他数字资产业务提供动力，而这些业务本身又为 CPN 提供动力。Circle 的股东不仅能从这些业务的增长中获益，还能通过 Circle 参与 Arc 代币的持有而获得价值。

Kenneth Worthington: That's super helpful. And Jeremy, to your point about attracting developers, building on these applications across the full stack. You're increasingly hearing about a number of players building point solutions at different points of the stack, but Circle having the full array here. It seems like a significant competitive advantage. Just wondering if you could elaborate on having full stack versus point solution and how that makes you -- makes Circle more competitive for the rollout here.
Kenneth Worthington： 这非常有帮助。Jeremy，你刚才提到吸引开发者，以及基于这些应用构建全栈应用，这一点我深有体会。现在很多厂商都在栈的不同环节构建单一解决方案，而 Circle 却拥有完整的全栈解决方案。这似乎是一个显著的竞争优势。我想请你详细解释一下，拥有全栈解决方案与单一解决方案相比有何不同，以及这如何让 Circle 在产品推广方面更具竞争力。

Jeremy Allaire: I can happily comment on that. I think whether you're a financial institution or your enterprise or your start-up and you're looking at this, the full stock makes a huge difference. Having a foundational core operating infrastructure that is simple to adopt, stablecoin-native with very high performance is key we're layering on top of that the most widely adopted interoperability technology with CCTP, which we're opening up to other asset issuers as well. That means that if you're building applications, they can work -- the value exchange can work seamlessly across other apps on other networks, the developer tooling, our wallets tooling and now with our agentic stack, literally developers can accelerate time to solution incredibly fast.
Jeremy Allaire： 我很乐意就此发表评论。我认为，无论您是金融机构、企业还是初创公司，如果您正在考虑这一点，完整的股票代码都至关重要。拥有一个易于部署、原生支持稳定币且性能卓越的基础核心运营架构是关键所在。我们在此基础上叠加了应用最广泛的互操作性技术——CCTP，并且我们也将其开放给其他资产发行商。这意味着，如果您正在开发应用程序，它们可以正常运行——价值交换可以与其他网络上的应用程序无缝协作，开发者工具、钱包工具以及现在的代理堆栈，都将极大地加快开发人员的解决方案开发速度。

If any of you who are listening use Claude, Claude Code, any of these tools, I highly encourage you to go to agents.circle.com. -- just to see for yourself how incredibly powerful this is. And so I think we are building the developer platforms. We're building the operating platforms. We're building the higher-level services, infrastructures and protocols and we're bringing the world's leading digital assets in dollars, euros, money markets. And with the new Bitcoin assets or BTC, we think we'll have the opportunity to build one of the leading programmable Bitcoin assets as well. So that whole capability, we think, is significant and certainly highly differentiated for developers who are trying to think about building in this ecosystem.
如果您正在收听，并且使用过 Claude、Claude Code 或任何其他类似工具，我强烈建议您访问 agents.circle.com，亲身体验一下它的强大之处。因此，我认为我们正在构建开发者平台、运营平台、更高级别的服务、基础设施和协议，并将全球领先的美元、欧元等货币数字资产引入货币市场。随着比特币（BTC）的推出，我们相信我们也有机会打造领先的可编程比特币资产之一。因此，我们认为这种整体能力意义重大，对于那些希望在这个生态系统中构建应用的开发者来说，它无疑具有高度差异化优势。

Operator: Your next question comes from the line of Owen Lo from Clear Street.
接线员： 您的下一个问题来自 Clear Street 的 Owen Lo 的线路。

Unknown Analyst: Going back to Arc, could you please give us an example when Arc token is created, how it will impact the revenue in other revenue line items. So for example, when $100 million of Arc token is created, how much revenue would you book in other revenue? How does the financial work?
匿名分析师： 回到 Arc 项目，能否举例说明一下，当 Arc 代币发行时，它会对其他收入项目产生什么影响？例如，当发行价值 1 亿美元的 Arc 代币时，您会在其他收入项目中计入多少收入？财务计算是如何进行的？

Jeremy Fox-Geen: Yes. Owen, thank you for the question. I'll take that. I'll just give a very brief overview of the impact of the future Arc token kind of on the financial statements and then specifically to the piece you just talked about sort of when Arc token is created. The Arc tokens will be held on Circle's balance sheet at cost, which is 0, right? When we then complete the obligations under token presale we will then recognize the value of those tokens as other revenue. And that value will then just drop down to RLDC and adjusted EBITDA.
Jeremy Fox-Geen： 是的。Owen，谢谢你的提问。我来回答。我先简要概述一下未来 Arc 代币对财务报表的影响，特别是你刚才提到的 Arc 代币创建时的情况。Arc 代币将以成本价（即 0）计入 Circle 的资产负债表，对吧？当我们完成代币预售的各项义务后，我们会将这些代币的价值确认为其他收入。届时，该价值将计入 RLDC 和调整后的 EBITDA。

Unknown Analyst: Got it. And then could you please remind us the benefits of using Arc Layer 1 over the layer network? So some networks are mainly used for payments. Some networks are used for lending, it is Arc that your vision mainly used in payment well or capital market transaction settlement rails or like tokenization rail. More color would be helpful.
匿名分析师： 明白了。那么，您能否再详细说明一下，与 Layer Network 相比，使用 Arc Layer 1 有哪些优势？有些网络主要用于支付，有些网络主要用于借贷，而您设想的 Arc 主要应用于支付、资本市场交易结算或代币化等领域。如果能提供更详细的说明就更好了。

Jeremy Allaire: Sure. I'll happily take that. Arc is designed as a general purpose horizontal economic operating system. We believe that economic activity, lots of forms of it, whether that be payment activity, financial services products, capital markets activity, agentic activity are going to run on these economic operating systems. And increasingly, these economic operating systems and the apps that run on them will be powered by software machines that are generally AI agents are authored with AI. So we think that's the paradigm of the future. When you look at just, for example, some of the firms that are participating in the Arc token presale, world-leading asset issuers on the asset management side and private credit, traditional ETFs.
杰里米·阿莱尔： 当然。我很乐意接受这个提议。Arc 被设计成一个通用的横向经济操作系统。我们相信，各种形式的经济活动，无论是支付活动、金融服务产品、资本市场活动还是代理活动，都将运行在这些经济操作系统之上。而且，这些经济操作系统及其运行的应用程序将越来越多地由软件机器驱动，这些机器通常是人工智能代理，由人工智能编写而成。因此，我们认为这就是未来的范式。例如，看看参与 Arc 代币预售的一些公司，包括世界领先的资产管理公司、私募信贷公司以及传统 ETF。

You see global systemically important banks investing in this, who are looking at this in payments and capital markets and FX. What we have seen is through the design partners that we've worked with, and we've talked about the hundreds of design partners involved. It really is spanning a number of areas. So one is we expect that ARC will be the very best infrastructure in the world for USDC liquidity, interoperability and payments. So just straight away, this is going to be the best settlement infrastructure in the world for stablecoins, not just USDC but other stablecoins.
我们看到一些全球系统重要性银行正在投资这项技术，它们关注支付、资本市场和外汇领域的应用。我们通过合作的设计伙伴了解到，参与其中的数百家设计伙伴确实涵盖了多个领域。我们预计，ARC 将成为全球 USDC 流动性、互操作性和支付领域最佳的基础设施。因此，它不仅将成为 USDC 的最佳结算基础设施，也将成为其他稳定币的最佳结算基础设施。

Second, a number of the things that we've built here, a number of the key features that we've built with Arc are very specifically designed for regulated banks capital markets participants, assurances that they need at an operational compliance and security level to be able to operate. And so we expect to see banks moving things like tokenized repo or applications like intraday effects running on these networks. We have designed Arc with asset issuers as a central use case.
其次，我们在此构建的许多功能，特别是我们利用 Arc 构建的一些关键特性，都是专门为受监管的银行和资本市场参与者设计的，旨在为他们提供运营合规和安全方面的保障。因此，我们预计银行会将代币化回购或日内交易等应用迁移到这些网络上。我们在设计 Arc 时，就将资产发行方作为其核心用例。

And so if you're an asset issuer, whether that's tokenized stock, tokenized funds, other tokenized currencies, issuing on Arc will give you the benefits of the performance and security and privacy features, but it also gives you liquidity against USDC and it gives you distribution through our interoperability infrastructure. So I could say tokenize a fund and have that tokenized fund, not just be distributed on an arc, but through CCPP, make it available for use across other networks whether it's other apps that you might want your tokenized fund to get into. And so it's really a liquidity and distribution hub for asset issuers.
因此，如果您是资产发行方，无论是代币化股票、代币化基金还是其他代币化货币，在 Arc 上发行不仅能让您享受到高性能、安全性和隐私保护等优势，还能让您获得 USDC 的流动性，并通过我们的互操作性基础设施进行分发。例如，您可以将基金代币化，然后通过 CCPP 将该代币化基金分发到其他网络，例如您希望该代币化基金接入的其他应用程序。因此，Arc 实际上是一个面向资产发行方的流动性和分发中心。

So it really is a full spectrum platform and then I would just say, it goes without saying USDC and Circle's infrastructure is widely used in digital asset markets today, whether that's with exchanges, onchain D5 protocols, Neo banks building in the Web 3 space, and we expect to see it widely adopted across that entire ecosystem as well from day 1.
所以它确实是一个全方位的平台，而且毋庸置疑，USDC 和 Circle 的基础设施如今在数字资产市场中被广泛使用，无论是交易所、链上 D5 协议，还是在 Web 3 领域构建的 Neo 银行，我们都希望它能从一开始就被整个生态系统广泛采用。

Operator: Your next question comes from the line of John Todaro from [indiscernible]
接线员： 你的下一个问题来自约翰·托达罗的[听不清]

John Todaro: Congrats on the product rollout is impressive to see. I guess, just first, kind of going back to Arc. So we had seen some of the token sales [indiscernible] you had presales when you had a series of other sales, and you would usually see that fully valuation kind of step up materially each time. I guess just wondering then do we expect other token sales to be then more broadly distributed? And then if I -- I'm just checking my math, so you have $750 million in tokens right now on Circle. I guess if we do just see that fully diluted valuation start to ratchet up, it can be quite a bit.
John Todaro： 祝贺你们的产品成功上线，这令人印象深刻。我想先回到 Arc 的话题。我们之前看到你们进行了一些代币销售（听不清），包括预售和其他一系列销售，通常每次销售的最终估值都会大幅提升。我想知道，我们是否可以预期后续的代币销售会更加广泛地进行？另外，我刚才在计算一下，你们目前在 Circle 平台上的代币总价值为 7.5 亿美元。我想，如果我们看到最终的稀释后估值开始稳步提升，那可能会相当可观。

So just, I guess, trying to understand the kind of the plans for the rollout broadly and what that looks like.
所以，我只是想了解一下整体的推广计划以及具体方案。

Jeremy Allaire: Yes. I mean really, all I can say here is we have conducted this Arc token presale with the $3 billion FTV, the $222 million raise. And we have obligations to ultimately distribute tokens to those presale participants. But our core focus is really getting Arc Main Net launched, which is coming soon. driving the utility and growth on the network. And then ultimately, the ARC token plays a very important role in utility, in governance, in staking, in security as the network scales out.
杰里米·阿莱尔： 是的。我的意思是，我只能说我们已经完成了 Arc 代币的预售，筹集了 30 亿美元的 FTV（融资总额），也就是 2.22 亿美元。我们有义务最终将代币分发给这些预售参与者。但我们的核心重点是尽快启动 Arc 主网，这即将实现。我们将致力于提升网络的实用性和增长。最终，随着网络规模的扩大，ARC 代币将在实用性、治理、质押和安全方面发挥至关重要的作用。

And -- what we did share in the Arc took and white paper is there is 60% of the tokens really designed for ecosystem grants, air drops, other incentive programs that ultimately circle and the broader community over time would be interested in seeing. And so there are future opportunities, obviously, for how Arc token is deployed, especially out of that 60% of the Arc token genesis.
我们在 Arc 的白皮书中提到，其中 60% 的代币是专门为生态系统资助、空投和其他激励计划而设计的，这些计划最终会惠及更广泛的社区，并随着时间的推移而得到更广泛的关注。因此，Arc 代币的未来部署显然存在着多种可能性，尤其是在这 60% 的代币初始发行量中。

John Todaro: Understood. Okay. So it sounds like there's a wide array of how those tokens can ultimately be distributed? And then I have a follow-up. Jeremy, you mentioned earlier on the call around the new Bitcoin asset products. I think in reference to the AVA-led attack within [indiscernible], I guess just wondering -- in your view, is there kind of been shaking confidence in the DFI ecosystem and how these product rollouts ultimately might solve some of the concerns in these [indiscernible].
John Todaro： 明白了。好的。所以听起来这些代币最终的分配方式有很多种？我还有一个后续问题。Jeremy，你之前在电话会议上提到了新的比特币资产产品。我想，考虑到 AVA 发起的[无法辨认]攻击，我想知道——在你看来，人们对 DFI 生态系统的信心是否受到了动摇？这些产品的推出最终能否解决[无法辨认]中的一些担忧？

Jeremy Allaire: Yes. I mean a couple of things just to set the record straight. There was no attack on [ Ave ]. There was a breach of an interoperability infrastructure company who -- other products depended on, and it appears that, that interoperability company's technology was their core systems were hacked by North Korea. And then that was then exploited through other D5 protocols. The protocols themselves were utilized by the bad actors, but the protocols themselves didn't break per se. Ave itself we think, remains a very significant and important on chain lending protocol and platform. And as we publicly disclosed, Circle made a purchase of Ave tokens itself as part of our continued support for that ecosystem.
杰里米·阿莱尔： 是的。我想澄清几点。Ave 本身并没有受到攻击。而是一家互操作性基础设施公司遭到入侵，其他产品依赖于这家公司，而且这家互操作性公司的技术似乎是其核心系统，该公司遭到了朝鲜的黑客攻击。之后，攻击者利用了其他 D5 协议。这些协议本身被恶意行为者利用，但协议本身并没有被破坏。我们认为，Ave 本身仍然是一个非常重要且重要的链上借贷协议和平台。正如我们公开披露的那样，Circle 也购买了 Ave 代币，以持续支持该生态系统。

What I would say, though, is that the models for onchain borrowing, lending and other kind of financial market primitives continued to grow. With Arc, we are working with other key players in the ecosystem to build institutionally ready onchain protocols. So protocols that have kind of institutional participants, institutional curation of vaults and in some cases, like our stablecoin FX liquidity environment, institutional permissioning against them. And so executing code and smart contracts on blockchain operating systems is just part of the future. It's happening now at scale. It's part of the future. I think a key lesson here is that we're looking at an industry that has not had a lot of its own explicit regulation.
不过，我想说的是，链上借贷和其他金融市场基本功能的模型仍在不断发展。通过 Arc，我们正与生态系统中的其他关键参与者合作，构建机构级链上协议。这些协议拥有机构参与者，对金库进行机构管理，在某些情况下，例如我们的稳定币外汇流动性环境，还需要机构授权。因此，在区块链操作系统上执行代码和智能合约只是未来的一部分。它现在正在大规模地发生。它是未来的一部分。我认为这里的一个重要教训是，我们正在关注的是一个缺乏明确监管的行业。

And I think there are very clearly great opportunities for SRO-type structures because this is global. It's not just national. There are clearly lessons here in terms of use information security and the like. Some of the things that we've heard about that have gone on with some of these projects are astounding. And so the kinds of control structures that a company like Circle adopts as central to being a regulated company, we think those kinds of control structures are important for onchain protocols, applications and services as well. And so I think we'll continue to see a leveling up in that kind of activity.
我认为，自律组织（SRO）类型的架构显然蕴藏着巨大的机遇，因为这关乎全球，而非仅限于某个国家。在信息安全等方面，我们显然可以从中汲取经验教训。我们了解到的一些项目进展令人震惊。像 Circle 这样的公司所采用的控制架构，作为其作为受监管公司的核心要素，我们认为这些控制架构对于链上协议、应用程序和服务同样至关重要。因此，我认为我们将继续看到此类活动的升级。

Operator: Your next question comes from the line of Joseph Vafi from Canaccord Genuity.
接线员： 您的下一个问题来自 Canaccord Genuity 的 Joseph Vafi。

Joseph Vafi: Just a terrific progress here, exciting set up on a lot of fronts moving forward. Just -- maybe just one more here on Arc on maybe the kind of layer 1 competitive landscape. I think there's maybe a couple of other big L1s that are getting stood up for real [indiscernible] applications. I know you're super validator, I think, over on Canton. I'm just wondering how maybe you kind of compare and contrast, if you're really a competitor against some of these other L1s or you're working together to kind of bring more and more traditional volumes onchain? And I have a quick follow-up.
Joseph Vafi： 这里进展非常顺利，很多方面都令人振奋。关于 Arc 的 Layer 1（一级层）竞争格局，我还有一点想补充。我认为可能还有其他几个大型 L1（一级层）正在为一些真正的（无法辨认的）应用而搭建起来。我知道你是 Canton 的超级验证者。我只是想知道，你如何看待这些 L1 的竞争关系，或者你们是否在合作，共同推动更多传统交易量上链？我还有一个后续问题。

Jeremy Allaire: Yes, sure. So a couple of key things. I think the first is that our stable coin network, which includes our digital assets like USDC, USYC, et cetera, are really market neutral and platform neutral. USDC now operates on 34 different blockchain network platforms. CCTP is connected to many of these networks. And so providing the most liquid, reliable, well-regulated digital dollar to every important platform in the world is a priority for us. Ensuring interoperability is a huge priority for us. And so that remains the case. And so that layer of what Circle does. That's central part of what we do is there.
杰里米·阿莱尔： 是的，当然。有几点关键点。首先，我们的稳定币网络，包括 USDC、USYC 等数字资产，真正做到了市场中立和平台中立。USDC 目前可在 34 个不同的区块链网络平台上运行。CCTP 与其中许多网络相连。因此，为全球所有重要平台提供流动性最强、最可靠、监管最完善的数字美元是我们的首要任务。确保互操作性也是我们的重中之重。这一点始终不变。Circle 的这一核心业务就在于此。

And yes, in that example, we do participate on Canton and we are providing that CCTP connectivity into that network as well. At the same time, we very clearly have seen that we're kind of going from like the pre-iPhone era of blockchain networks where mobile operating systems, for example, there are dozens of them, lots of people trying stuff and we're going to, at some point, hit a kind of inflection point here where these new platforms that are designed for mainstream scale adoption that are wonderful to build with for developers and build and enable delightful user experiences across a huge range of apps. Those are emerging.
是的，在那个例子中，我们参与了 Canton 项目，并且也为该网络提供了 CCTP 连接。同时，我们也清楚地看到，我们正从类似 iPhone 之前的区块链网络时代（例如，当时移动操作系统有几十种，很多人都在尝试各种方案）发展到如今的阶段。在某个时刻，我们将迎来一个转折点，届时，一些专为主流规模应用而设计的新平台将涌现出来，这些平台非常适合开发者构建应用，并能在各种应用程序中实现卓越的用户体验。

And we think Arc has the potential very much to be one of those. And so at that layer in competing for these new kinds of operating systems, we think we're going to be very competitive we think we're going to attract the world's leading institutions. You've already seen that in the design partners. You've seen that in some of the participants that are becoming stakeholders in Arc just announced today. And so in our view, this kind of convergence of AI operating systems and economic operating systems that are coming together at this time is going to reshape the nature, not just the financial markets but of the entire global economic system, that is a 5- to 10-year megatrend.
我们认为 Arc 极有可能成为其中之一。因此，在争夺这些新型操作系统的竞争中，我们相信我们将极具竞争力，并吸引世界领先的机构。这一点已经体现在我们的设计合作伙伴身上，也体现在今天刚刚宣布的 Arc 利益相关者名单中。因此，我们认为，人工智能操作系统和经济操作系统的这种融合，不仅将重塑金融市场，还将重塑整个全球经济体系的本质，这是一个持续 5 到 10 年的大趋势。

We are putting ourselves right in the center of it and right in front with the technology and tooling. And so we expect to compete and win in that space. At the same time, last comment here is that interoperability is a central theme of ARC.
我们正将自己置于这一领域的中心，并凭借技术和工具走在最前沿。因此，我们期望在这个领域展开竞争并取得成功。同时，最后一点是，互操作性是 ARC 的核心主题。

We want companies that issue on Arc to know that if they issue on Arc, they can leverage CCTP to bring their assets to something like Canton or bring their assets to Ethereum or Base or Solana or other networks, and that's important, too, because there's going to be many apps built on many platforms, and that cross-platform reach and interoperability, I know is top of mind for almost every firm that's thinking about how they build in the space.
我们希望在 Arc 上发行债券的公司知道，如果他们在 Arc 上发行债券，他们可以利用 CCTP 将他们的资产转移到 Canton 等平台，或者将他们的资产转移到以太坊、Base、Solana 或其他网络。这一点也很重要，因为未来会有许多应用程序构建在多个平台上，而跨平台覆盖范围和互操作性，我知道几乎是每个考虑如何在这个领域进行开发的公司最关心的问题。

Joseph Vafi: Sure. That's great color. And then just on the Kyriba and other treasury management strategy seems like a great distribution channel there into the corporate market for U.S. Do you think the treasury management distribution channel is going to be the key driver here? Or is there something else we should be looking at in terms of corporate USDC balance sheet adoption?
Joseph Vafi： 当然。这颜色真漂亮。Kyriba 和其他资金管理策略似乎为美国企业市场提供了一个绝佳的分销渠道。您认为资金管理分销渠道会是关键驱动因素吗？或者在企业采用 USDC 资产负债表方面，我们是否还应该关注其他因素？

Jeremy Fox-Geen: It's a great question. Look, as a corporate CFO, and I talk to a lot of CFOs out there, we all know the benefits of stable coins and stable coin rails, right? And we're all looking forward to a world when we can easily use these and when they're integrated into our existing systems and control infrastructure, right? So the landmark treasury management services providers and systems providers like Kyriba integrating into USDC is both a necessary step to that mainstream adoption, but also a really exciting one, given Kyriba is one of the leaders in this space. We see and expect all of them to integrate USDC in these capabilities over time.
杰里米·福克斯-格林： 这是一个很好的问题。作为一名企业首席财务官，我经常与各行各业的首席财务官交流，我们都知道稳定币和稳定币交易平台的优势，对吧？我们都期待着未来能够轻松使用这些稳定币，并将它们集成到我们现有的系统和控制基础设施中，对吧？因此，像 Kyriba 这样的里程碑式的资金管理服务提供商和系统提供商集成 USDC，不仅是实现主流应用的必要步骤，而且令人振奋，因为 Kyriba 是该领域的领导者之一。我们预计，随着时间的推移，所有这些公司都会将 USDC 集成到他们的功能中。

Operator: Your next question comes from the line of Dan Dolev from Mizuho
接线员： 您的下一个问题来自瑞穗银行的 Dan Dolev。

Dan Dolev: I have a quick question and a quick follow-up. Nice results here. I did notice your comments on the modest pullback in certain highly incentivized channels, which helped you with the RLDC margin. Can you maybe -- this is probably Binance and the question I have is, is this a positive and neutral? And then I have a quick follow-up.
Dan Dolev： 我有一个简短的问题和一个后续问题。您在这里取得了不错的成绩。我注意到您提到某些高激励渠道出现了小幅回调，这对您的 RLDC 保证金有所帮助。您能否——这可能指的是币安——我想问的是，这种回调是积极的还是中性的？然后我还有一个后续问题。

Jeremy Allaire: Without commenting on which channels and as we've said before, we have many, many partners. I don't think we see it as a positive or a negative, right? In any one quarter, there are puts and there are takes, and we've said that consistently, and we've seen that in our numbers consistently since we've been public. So we're happy with where we are for our guidance for the full year.
杰里米·阿莱尔： 我们不打算评论具体渠道，正如我们之前所说，我们有很多合作伙伴。我认为这本身既不是好事也不是坏事，对吧？任何一个季度都会有利好和亏损，我们一直都这么说，而且自从我们上市以来，我们的业绩数据也一直印证了这一点。因此，我们对全年的业绩预期感到满意。

Dan Dolev: Makes a lot of sense. And then my quick follow-up is it looks like the USDC on platform growth was really stellar this quarter. Maybe just a comment on what's driving that and how we should think about that because it's obviously like a big positive.
丹·多列夫： 很有道理。接下来我想补充一点，USDC 本季度的平台增长表现非常出色。或许可以谈谈推动这一增长的因素以及我们应该如何看待这一现象，因为这显然是一个非常积极的信号。

Jeremy Allaire: Sure. I'm happy to take that. Look, we continue to partner with more and more firms that are building on our infrastructure and taking advantage of our wallets and custody technology and our developer tools. And so as we just keep building more partnerships, we have the opportunity to grow that on platform. As a market-neutral infrastructure company and obviously now with for example, Circle Agent Stack that builds on our wallet stack that builds on our Circle Gateway product and other things, agentic activity and developers building AI automated applications on our infrastructure that has the potential to drive on platform growth as well. So we continue to just invest in the best infrastructure possible.
杰里米·阿莱尔： 当然。我很乐意接受这个评价。你看，我们一直在与越来越多的公司合作，他们利用我们的基础设施，并充分利用我们的钱包、托管技术和开发者工具。随着我们不断拓展合作伙伴关系，我们有机会在平台上实现增长。作为一家市场中立的基础设施公司，我们现在推出的 Circle Agent Stack 就基于我们的钱包堆栈，而钱包堆栈又基于我们的 Circle Gateway 产品。此外，代理活动和开发者在我们基础设施上构建的 AI 自动化应用程序也具有推动平台增长的潜力。因此，我们将继续投资于尽可能最好的基础设施。

So people who are building on Circle get the benefits of that, and that, that grows our footprint in the ecosystem as a whole.
因此，在 Circle 上进行开发的人可以获得这些好处，这也有助于我们在整个生态系统中扩大影响力。

Operator: Your next question comes from the line of Jeff Cantwell from Seaport Research.
接线员： 您的下一个问题来自 Seaport Research 的 Jeff Cantwell。

Jeffrey Cantwell: I wanted to follow up on some of the comments on USDC and circulation. You said it was flat sequentially and ended the quarter at $77 billion. Maybe just talk more about what you saw during the quarter because the onchain data had the high, I think it was above $79 million, but that seems to have tampered. Was that because of broader macro concerns? Or was there anything else to call out that you're seeing in the quarter?
Jeffrey Cantwell： 我想就您之前关于 USDC 及其流通量的评论做个后续说明。您提到 USDC 的流通量环比持平，季度末收于 770 亿美元。能否请您详细谈谈本季度观察到的情况？因为链上数据显示 USDC 流通量曾达到峰值，我记得超过 7900 万美元，但似乎有所回落。这是由于宏观经济方面的担忧吗？还是说您在本季度观察到了其他需要特别指出的情况？

Jeremy Allaire: Yes. I'm happy to take that. I mean, a couple of things I'd say. First, as we've talked about, right, there's a reason we don't guide specifically on like what circulation is in a quarter or even specifically what circulation is in a year. We look at the ongoing kind of CAGRs and what that growth looks like. And we have seen, if you look back over time, lots of ebbs, flows, sideways, spiked growth, other things. And there are always macro considerations, sort of global macro considerations that have to do with the price and velocity of money that have to do with the macro circumstances that affect market that in fact, the psychology of markets.
杰里米·阿莱尔： 是的，我很乐意接受这个观点。我想补充几点。首先，正如我们之前讨论过的，我们不具体指出季度或年度的发行量是有原因的。我们关注的是持续的复合年增长率（CAGR）以及这种增长的趋势。回顾历史，我们看到发行量经历了许多起伏，包括横盘整理、峰值增长等等。此外，还有宏观因素，特别是全球宏观因素，例如货币价格和流通速度，这些都与影响市场的宏观环境以及市场心理息息相关。

And then you also have, at times, kind of activities that are sort of endogenous to the digital asset ecosystem. And so I think we're sort of a tale of 2 worlds. On the one hand, digital asset markets, transaction volumes in the big exchanges was down significantly. Prices have been down significantly, but stablecoins really held up. And so it's remarkable that we have -- we saw the market grow 32% year-on-year, Circle around 30% as well. And then in the period, you saw some deleveraging that happened in Q4. You saw some deleveraging that happened in the context of some of these effectively hacks that happened, people suffered losses and that causes some deleveraging.
此外，有时还会出现一些数字资产生态系统内部固有的活动。所以我觉得我们现在的情况有点像是两个世界。一方面，数字资产市场，尤其是大型交易所的交易量大幅下降，价格也大幅下跌，但稳定币表现坚挺。因此，我们看到市场同比增长 32%，Circle 也增长了约 30%，这非常了不起。另一方面，第四季度出现了一些去杠杆化现象。这些去杠杆化是由于一些黑客攻击造成的，人们遭受了损失，从而导致了去杠杆化。

So you have some endogenous sort of variables that come from time to time. As a company, right, we've seen this over and over.
所以，你会遇到一些不时出现的内生变量。作为一家公司，我们已经一次又一次地遇到这种情况了。

We stepped back, we look at the fundamentals of are people building more applications, is it driving more transaction volume, or more and more use cases and institutions coming on board, is regulatory clarity providing the tailwinds that we need, is the actual technology effectiveness getting better and better, and all of those things are very strong right now, which is one of the reasons why we continue to be optimistic about this view that over the coming years, this could grow to the trillions of dollars of stablecoin money and regulated digital dollars that are in circulation around the world, and that's the world that we're building for.
我们退后一步，审视了基本面，例如：人们是否在开发更多应用程序？这是否推动了更多交易量？越来越多的用例和机构加入？监管的清晰度是否为我们提供了所需的顺风？实际的技术有效性是否越来越好？所有这些方面目前都非常强劲，这也是我们继续乐观地认为未来几年稳定币和受监管的数字美元在全球流通规模可能达到数万亿美元的原因之一，而这正是我们努力构建的世界。

Jeremy Fox-Geen: Small point on to that, while we're very optimistic about the future. Even though quarter-on-quarter, circulation was flattish. I just redraw everyone's attention to the fact that you can see very much that USDC is taking share in actual onchain transaction usage, whoever is providing the data so much so that USDC took a majority of utility share this quarter. And that's a very important trend when you look to the future and the mainstreaming of these technologies.
Jeremy Fox-Geen： 关于这一点，我想补充一点。虽然我们对未来非常乐观，但即便环比来看，USDC 的流通量基本持平，我还是想再次强调，无论谁提供数据，USDC 在实际链上交易使用量方面都取得了显著的份额，以至于本季度 USDC 的实用性份额占据了主导地位。展望未来以及这些技术的普及应用，这是一个非常重要的趋势。

Jeffrey Cantwell: Yes. Yes. That's very helpful color. And then I wanted to follow up on Ken's question on -- just if you can provide very understanding in terms of the cover. I guess beyond the 0 cost in weeks not the appreciate in -- would there be drivers that generate are for any part in other revenue just of the nature where you could potentially generate transaction revenue, maybe some spread on the trading of the tokens question. I'm just curious if you could
Jeffrey Cantwell： 是的，是的，这很有帮助。然后我想就 Ken 的问题做个补充——您能否就封面方面提供一些解释？我想，除了几周内零成本之外，还有其他因素可以带来收入吗？比如交易收入，或者代币交易的价差？我只是好奇您是否可以……

Jeremy Allaire: Jeff, you were breaking up a bit on that. If you could try and repeat the question one more time, we'll give it a shot.
杰里米·阿莱尔： 杰夫，你刚才有点哽咽了。如果你能再重复一遍这个问题，我们再试一次。

Jeffrey Cantwell: Sure. Just hoping you could conceptualize the other revenue line as far as the Arc token, what the main components would be is a follow-on to Owen's question where he was discussing cost structure, which would get monetized through the presale of the token. I'm curious if there's a potential for transaction revenue and/or spread from trading. I'm just curious if you could kind of parse that out for us and help us conceptualize online for the Arc circuit.
杰弗里·坎特韦尔： 当然可以。我只是想请您帮忙梳理一下 Arc 代币的其他收入来源，主要组成部分是什么。这是对欧文之前讨论成本结构问题的补充，他提到成本结构会通过代币预售来实现货币化。我很好奇是否有可能通过交易获得收入和/或价差。我希望您能帮我们分析一下，并帮助我们在线构建 Arc 代币的运作模式。

Jeremy Allaire: Got it. Yes. Got it. There's several different potential impacts from future Arc token on other revenue. The first is one we've already touched upon, which is if Circle sells or tokens as we have just conducted a presale, the value of that will drop through to other revenue. And obviously, all of these tokens are on Circle's balance sheet, and that's a particularly large asset creation that we've had there. Secondly, Arc token opens up a surface area, as Jeremy mentioned earlier, for driving growth in Arc network incentive schemes that we've seen across many different Layer 1 blockchains. If Circle gives an incentive grant typically with some kind of performance condition in the future.
杰里米·阿莱尔： 明白了。是的，明白了。未来的 Arc 代币可能会对其他收入产生几种不同的潜在影响。首先，我们已经提到过，如果 Circle 出售代币（就像我们刚刚完成的预售一样），那么代币的价值将会降低，并计入其他收入。显然，所有这些代币都已列入 Circle 的资产负债表，这是我们创造的一笔非常可观的资产。其次，正如杰里米之前提到的，Arc 代币为推动 Arc 网络激励机制的增长开辟了新的领域，我们在许多不同的 Layer 1 区块链中都看到了类似的机制。如果 Circle 在未来发放激励奖励，通常会附带一些绩效条件。

The value of that grant will first be recognized in other revenue, recognizing the value created and also then a corresponding other costs recognizing that the tokens have been given away in an incentive grant. And then finally, Arc opens up another surface area for alternative or revenue streams such as running a validator on the Hawk network, which will provide direct other revenue streams for Circle. Obviously, that's just one, and we will talk about more when the time is right.
该笔赠款的价值首先会体现在其他收入中，以确认其创造的价值；其次，还会计入相应的其他成本，以确认这些代币已作为激励赠款发放。最后，Arc 还开辟了另一个新的收入来源领域，例如在 Hawk 网络上运行验证器，这将为 Circle 带来直接的其他收入来源。当然，这只是其中之一，时机成熟时，我们会讨论更多细节。

Operator: That's all the time we have for our Q&A session. I will now turn the call back to Scott Blair for closing remarks.
接线员： 问答环节到此结束。现在我将把电话转回给斯科特·布莱尔，请他作总结发言。

Unknown Executive: Thanks, operator. For those we couldn't get to on the call, we'll happily find time to follow up. Again, we'd like to thank you for your attention and participation this morning and look forward to connecting soon.
未知高管： 谢谢接线员。对于我们今天上午未能联系到的各位，我们会尽快安排时间跟进。再次感谢您今天上午的关注和参与，期待尽快与您联系。

Operator: This concludes today's call. Thank you for attending. You may now disconnect.
接线员： 今天的通话到此结束。感谢您的参与。您可以挂断电话了。